RBI Governor Shaktikanta Das Stated that cryptocurrencies can be seen as gambling due to the fact that their perceived value is only fictional,- Das Called for a prohibition on cryptocurrencies because they lack tangible value.
- Attempting to stop the rise of
CRYPTOCURRENCIES Recently, the central bank started testing its electronic-rupee.Central Bank Digital Currency (CBDCs). - He Noted that CBDCs are the future of money, and their adoption can reduce logistics and printing costs.
Reserve Bank of India (RBI) Governor Shaktikanta Das Restated on Friday that cryptocurrencies can be viewed as gambling because their perceived value is only artificial.
Speaking at a media event, Das Suggested a ban on cryptocurrency, arguing that they do not have any tangible value. He clarified that they can be defined as an asset, or a financial product, but it has no underlying worth.
In a bid to counteract the growing popularity of cryptocurrencies, the central bank has implemented its own digital currency, e-rupee. The RBI is presently running a trial of the program.
“Any asset, any financial product must possess some underlying (value), but in the case of cryptocurrencies, there is no underlying value. So, something without any support, whose value is based entirely on fantasy, is nothing more than 100 percent speculation or, to put it plainly, it’s a game of chance,” He said.
“Since we do not permit gambling in our country, and if you want to enable it, please handle it as gambling and set the rules for gambling. But cryptocurrency is not a financial product,” Das added.
He Predicted that CBDCs are the future of money, and their adoption can reduce logistics and printing costs.
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