The Reserve Bank of India (RBI) has made no bones about it being averse to crypto currency, ever since it emerged on the horizon in the country a few years ago.
RBI Governor Shaktikanta Das has, in fact, sought an outright ban on it, while making his views clear on it at several platforms in the last two years.
"Crypto should be banned, given its no underlying value in the market. Just like every asset, every financial product comes with some underlying value, hence the value of crypto is totally based on the make-believe factor," he had said in January this year during a media event.
"Crypto is a form of gambling without any underlying value and is nothing but a 100 per cent speculation world," he had said in the same event, while seeking a ban on it.
If crypto is allowed in India, the RBI may likely fail in monitoring the transactions, Das has said.
The RBI governor has gone on to say that crypto masquerading as a financial asset is a completely misplaced argument.
Calling crypto as a form of gambling, Das has said that gambling is not promoted in India and if people still want to indulge in it, then there is a need to draw proper rules for it, while calling for an outright ban on it.
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