{"id":71776,"date":"2022-12-21T16:53:12","date_gmt":"2022-12-21T14:53:12","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71776"},"modified":"2025-09-08T11:03:36","modified_gmt":"2025-09-08T08:03:36","slug":"rbi-governor-sees-cryptocurrencies-as-source-of-the-next-crisis","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/rbi-governor-sees-cryptocurrencies-as-source-of-the-next-crisis\/","title":{"rendered":"RBI Governor Sees Cryptocurrencies as Source of the Next Crisis"},"content":{"rendered":"<p>In the absence of a ban, private digital currencies could spark the next financial crisis. This was stated by Shaktikanta Das, the head of the Reserve Bank of India (RBI).<\/p>\n<p><iframe loading=\\\"lazy\\\" width=\\\"1903\\\" height=\\\"764\\\" src=\\\"https:\/\/www.youtube.com\/embed\/rO8VEN76L1o\\\" title=\\\"'Current Credit Growth Is Far From Economic Exuberance', Says RBI Governor Shaktikanta Das\\\" frameborder=\\\"0\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\\\" allowfullscreen><\/iframe><\/p>\n<p>The central bank governor expressed concern that rather than a ban, cryptocurrencies would be regulated and continue to spread. The official remains of the view that they<a href=\"https:\/\/u1f987.com\/en\/news\/rbi-chief-warns-against-investing-in-cryptocurrencies\"> pose a &#8216;huge threat&#8217;<\/a> to macroeconomic and financial stability.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8216;They [digital assets] have no intrinsic value. I haven&#8217;t heard a single convincing argument regarding their ability to fulfill any public objective or that they are a public good. This is 100% speculation&#8217;,<\/em> \u2014 said Das.<\/p>\n<\/blockquote>\n<p>The head of the central bank also forecast an increase in the number of countries examining the introduction of central bank digital currencies (CBDCs).<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8216;This is not a matter of fear of missing out or of offering competition to private cryptocurrencies. I think that is how the world will develop&#8217;,<\/em> \u2014 explained he.<\/p>\n<\/blockquote>\n<p>In June, RBI Deputy Governor T. Rabi Sankar suggested that <a href=\"https:\/\/u1f987.com\/en\/news\/rbi-forecasts-cbdcs-could-displace-private-cryptocurrencies\"> CBDCs could completely displace<\/a> private virtual currencies, including Bitcoin.<\/p>\n<p>In December, India&#8217;s Finance Minister Pankaj Chaudhary<a href=\"https:\/\/u1f987.com\/en\/news\/india-reveals-details-of-digital-rupee-testing\"> revealed<\/a> details of the digital rupee testing.<\/p>\n<p>The RBI<a href=\"https:\/\/u1f987.com\/en\/news\/india-weighs-launch-of-its-own-digital-currency\"> began studying the potential of<\/a> CBDCs in early 2021.<\/p>\n<p> Read ForkLog&#8217;s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\u201d\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the absence of a ban, private digital currencies could spark the next financial crisis. This was stated by Shaktikanta Das, the head of the Reserve Bank of India (RBI).<\/p>\n","protected":false},"author":1,"featured_media":71777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,278,36],"class_list":["post-71776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71776"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71776\/revisions"}],"predecessor-version":[{"id":71778,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71776\/revisions\/71778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71777"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}