The next financial crisis will be due to cryptocurrencies if these assets are allowed to rise today, said the head of the Indian Central Bank, Shaktikanta Das. In his opinion, cryptocurrencies “carry huge risks for our macroeconomic and financial stability”,
As an example of such risks, Das cited a recent
the collapse of the FTX crypto exchange. The banker’s main concern is that cryptocurrencies have no underlying value, and their rate is formed through speculation.
According to Das, cryptocurrency trading is 100% speculative activity. He believes that they should be banned altogether, because “if they are allowed to develop even with regulation, mark my words, it will be private cryptocurrencies that will cause the next financial crisis.”
The head of the Indian Central Bank refers to private cryptocurrencies bitcoin, ether and other assets that are created by non-state institutions, in contrast, for example, digital