14-01-2023
Watsupptoday Desk


Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that cryptocurrency trading should be banned in the country as it is completely based on speculation and is similar to gambling. Speaking at a session during the Business Today Banking and Economy Summit, Das reiterated the central bank’s view on cryptocurrency and said it should be banned. RBI’s position on crypto is very clear – it should be banned. While the central bank governor said blockchain technology needs to be supported because of its various applications, he believes that cryptocurrency does not have any underlying value. Some people call cryptocurrency an asset, some call it a financial product, but every asset or financial product needs to have an underlying value. But cryptocurrency does not have any underlying value. He went on to say that the market price of cryptocurrencies is based on nothing but speculation and is similar to gambling. Anything whose valuation is dependent entirely on make believe is nothing but 100 per cent speculation, or to put it bluntly. In our country, we don’t allow gambling. If you want to allow gambling, treat it as gambling and lay down the rules. However, Das maintained that cryptocurrency is not a financial product Cryptocurrency masquerading as a financial product or a financial asset is a completely misplaced argument.”