{"id":72555,"date":"2023-01-16T10:32:48","date_gmt":"2023-01-16T08:32:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72555"},"modified":"2025-09-09T01:25:23","modified_gmt":"2025-09-08T22:25:23","slug":"rbi-chief-likens-cryptocurrency-to-gambling-and-calls-for-ban","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/rbi-chief-likens-cryptocurrency-to-gambling-and-calls-for-ban\/","title":{"rendered":"RBI chief likens cryptocurrency to gambling and calls for ban"},"content":{"rendered":"<p>The RBI governor Shaktikanta Das, during a speech at the BT Banking &#038; Economy summit, said that digital assets should be banned outright in the country. <a href=\\\"https:\/\/www.businesstoday.in\/industry\/banks\/story\/crypto-trading-is-just-gambling-rbi-governor-shaktikanta-das-seeks-ban-on-cryptocurrencies-360210-2023-01-13\\\">Business Today<\/a> reports.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;The RBI&#8217;s position is extremely clear: all cryptocurrencies must be banned. However, blockchain technology should be supported, because it has many other applications,\\&#8221; he explained.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Das stressed the unreliability of cryptocurrencies due to constant price swings and the \\&#8221;uncertainty\\&#8221; of the definition. In his words, some regard it as an asset, others as a financial product.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Volatility is based on a fanciful notion that the price of a given cryptocurrency can rise or fall. What is happening, with no particular explanation and with valuations entirely dependent on imagination, is no more than 100% speculation, one might call it gambling,\\&#8221; he said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>He noted that cryptocurrencies are already banned in India. In his view, \\&#8221;disguising cryptocurrency as a financial product or asset\\&#8221; is inappropriate.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The RBI chief also warned about the dollarisation of the economy. In his view, cryptocurrencies could become a medium of exchange and account for up to 20% of transactions.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;The RBI&#8217;s authority to make monetary policy decisions and to maintain liquidity will be undermined,\\&#8221; he concluded.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n\\n\\n\\n<\/p>\n<p>Earlier, in December 2022, the RBI chief saw in cryptocurrencies <a href=\"https:\/\/u1f987.com\/en\/news\/rbi-governor-sees-cryptocurrencies-as-source-of-the-next-crisis\">the source of the next financial crisis<\/a> if they are not banned.<\/p>\n<p>\\n\\n<\/p>\n<p>In the same month, India <a href=\"https:\/\/u1f987.com\/en\/news\/india-to-pilot-retail-cbdc-in-december\">launched<\/a> a pilot project to test the retail digital rupee.<\/p>\n<p>\\n\\n<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBI governor Shaktikanta Das, at the BT Banking &#038; Economy summit, said that digital assets should be banned outright in the country.<\/p>\n","protected":false},"author":1,"featured_media":72556,"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":[278,36],"class_list":["post-72555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72555","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=72555"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72555\/revisions"}],"predecessor-version":[{"id":72557,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72555\/revisions\/72557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72556"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}