India Central Bank governor, Shaktikanta Das, says that the use of crypto in the country should be banned. Although, he did clarify that the nation was not currently at war with the digital asset.
As quoted by TechCrunch, Das was speaking to banking executives and lawmakers when he made the statement, highlighting the recent happenings in the crypto industry as dangers to Indian’s economy.
“After the development of the last one year, including the latest episode surrounding FTX, I don’t think we need to say anything more. Time has proven that crypto is worth what it’s worth today,” Das said.
The banking chief was talking about the crash of the crypto exchange and its pull on the value of cryptocurrencies. He lamented that the digital asset did not behave like any other product.
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“Change in value in any so-called product is the function of the market. But unlike any other asset or product, our main concern with crypto is that it doesn’t have any underlying whatsoever. I think crypto or private cryptocurrency is a fashionable way of describing what is otherwise a 100% speculative activity,” he further said.
Without mincing words, he called for the government to block crypto from growing in the country. Saying that the next financial crisis would be caused by private cryptocurrencies.
“They don’t believe in the central bank, they don’t believe in a regulated financial world. I’m yet to hear a good argument about what public purpose it serves,” he added.
India had begun applying a 30% tax on gains and a 1% deduction from crypto transactions. Yet, it seems the approach has not had the desired effect. However, its policies have prevented exchange giants like Binance and Coinbase from operating there.
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