NEW DELHI, India—The governor of the Reserve Bank of India is warning that a major financial crisis could occur if digital assets are allowed to continue to grow.
Shaktikanta Das, speaking at the Business Standard BFSI Summit, told the meeting, “It is 100% speculative activity, and I would still hold the view that it should be prohibited because if it is allowed to grow, please mark my words, the next financial crisis will come from private cryptocurrencies.”
Das said the lack of crypto regulation by central banks carried a large inherent risk for the macroeconomic and financial stability of countries, considering the original intention of digital assets, in his opinion, was to “bypass the system or to break the system,” according to Finbold.
Das added that crypto’s creators “don’t believe in the central bank currency, regulated financial world, and all they want is to bypass and beat the system.”
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