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India central bank chief warns crypto will cause the next financial crisis if permitted

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The Indian central bank’s governor said on Wednesday that it’s not at war with crypto, but asserted that cryptocurrencies have no underlying fundamentals and their usage should be prohibited.

RBI Governor Shaktikanta Das told a room packed with banking executives and lawmakers that crypto has a huge inherent risk to the macroeconomic and stability of the nation. “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.”

“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,” said Das.

Das said crypto owes its origin to the idea that it bypasses or breaks the existing financial system. “They don’t believe in the central bank, they don’t…

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