Financial crisis: India would not rule out the "ban" of cryptocurrencies

Should we worry when the cryptocurrency ban comes up twice in just one week? The million dollar question, apparently. After the enticing conclusions of an American senator, it is the turn of the governor of the Central Bank of India to speak of a “ban”.

Banning Instead of Regulating Cryptocurrencies in India

India’s Central Bank Governor Considers Cryptocurrencies a Threat

Cryptocurrencies will cause the next financial crisis if they are not banned – Governor of the Central Bank of India. »

CNBCTechCrunch, CoinDesk and other notorious press revealed the latest words of Shaktikanta Das, the current Governor of the Reserve Bank of India (RBI), during the Business Standard BFSI Insight on December 21. According to him, “private cryptocurrencies” will cause a financial crisis if the state delays taking drastic measures against them. A simple regulation is not enough for him, he prefers the “ban”, like Senator Sherrod Brown.

Our view is that they should be banned because if you try to regulate them and let them grow, please note my words, the next financial crisis will come from private cryptocurrencies “, he underlined.

By “private cryptocurrencies” he refers to bitcoin and other altcoins that have nothing to do with the public cryptocurrency represented by the digital rupee.

They have no underlying value. They pose enormous inherent risks to our macroeconomic and financial stability. I’ve never heard a credible argument about the public good or public purpose they serve “, he adds.

India and its ambiguous position

This remark by Sward Block may seem ironic, but testifies to the trial and error of Indian governments towards cryptocurrencies.

India’s position is unstable

As usual, India seems to be flip-flopping on crypto. Wait 3 months and they’ll say it’s the best thing for mankind. »

In the month of August, euro news listed 18 countries that have chosen to ban bitcoin. India, like China and Algeria, is one of them. However, it should be noted that the country of the Maharajas greatly appreciates the CBDC. As for cryptocurrencies, the local government started this year by levying a 30% tax on gains related to these assets. Then he decided to take 1% from each crypto transaction.

Countries have taken different views. I don’t think we need to say more about our position after last year’s performance, including the last episode around FTX remarked the RBI Governor. As the G-20 presidency falls to India at this time, it is quite possible that the term “ban” could reach many ears. “Hey, hello! »

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