{"id":597803,"date":"2023-01-15T14:50:40","date_gmt":"2023-01-15T20:50:40","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/15\/indias-central-bank-governor-calls-crypto-gambling-asks-for-blanket-ban-again\/"},"modified":"2023-01-15T14:50:40","modified_gmt":"2023-01-15T20:50:40","slug":"indias-central-bank-governor-calls-crypto-gambling-asks-for-blanket-ban-again","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/15\/indias-central-bank-governor-calls-crypto-gambling-asks-for-blanket-ban-again\/","title":{"rendered":"India’s Central Bank Governor Calls Crypto “Gambling,” Asks for Blanket Ban Again!"},"content":{"rendered":"
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Image Source: Telegraph India<\/figcaption><\/figure>\n

India\u2019s central bank governor has once again expressed skepticism toward cryptocurrencies, saying these assets are \u201cnothing but gambling\u201d and asking for a blanket ban.<\/p>\n

Speaking at a Business Today event, Shaktikanta Das\u00a0claimed<\/a>\u00a0cryptocurrencies don’t have any intrinsic value and their perceived \u201cvalue is nothing but make-believe.” He said cryptos are not even a tulip, alluding to the well-known Dutch tulip mania blow-up in the early part of the past century.<\/p>\n

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“Every asset, every financial product has to have some underlying (value) but in the case of crypto there is no underlying\u2026 not even a tulip\u2026and the increase in the market price of cryptos, is based on make-believe.”<\/p>\n<\/blockquote>\n

Das added that crypto is “100 per cent speculation or to put it very bluntly, it is gambling.” He then argued that since gambling is banned in India, cryptos should not be allowed too \u2014 or the government should lay the rules for gambling.\u00a0<\/p>\n

Another reason why the Reserve Bank of India (RBI) should ban crypto is that they pose a threat to central banks, Das said, noting that if cryptos gain mainstream adoption, they would impact central banks’ ability to decide on monetary policy. He said:<\/p>\n

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\u201cPlease believe me, these are not empty alarm signals. One year ago in the Reserve Bank, we had said this whole thing is likely to collapse sooner than later. And if you see the developments over the last year, climaxing in the FTX episode, I think I don’t need to add anything more.\u201d\u00a0<\/p>\n<\/blockquote>\n

On the other hand, Das expressed his support for Central Bank Digital Currencies (CBDCs), calling them “the future of money.” As reported, India\u00a0started a pilot program<\/a>\u00a0of its digital currency in cooperation with nine banks in November last year.\u00a0<\/p>\n

Despite its push for a CBDC, the RBI has long maintained a harsh stance toward digital assets, arguing that the nascent asset class has no underlying value. The central bank has constantly warned investors and the government against crypto, citing volatility as well as risks of fraud and scams.\u00a0<\/p>\n

In July last year, the RBI\u00a0asked<\/a>\u00a0the Indian government to ban cryptocurrencies in the country, citing the \u201cdestabilizing\u201d effect of this asset class on monetary stability.\u00a0<\/p>\n

India, which currently holds the G20 presidency, also plans to use this opportunity to\u00a0coordinate global crypto regulation<\/a>. As reported, India\u2019s federal economic affairs secretary Ajay Seth said in December last year that the G20 countries will study the implications of cryptocurrencies for the economy, monetary policy, and the banking sector in order to inform a policy consensus.<\/p>\n<\/p><\/div>\n

Read More<\/a>
\n Luz Kazmierczak<\/p>\n","protected":false},"excerpt":{"rendered":"

Image Source: Telegraph IndiaIndia\u2019s central bank governor has once again expressed skepticism toward cryptocurrencies, saying these assets are \u201cnothing but gambling\u201d and asking for a blanket ban.Speaking at a Business Today event, Shaktikanta Das\u00a0claimed\u00a0cryptocurrencies don’t have any intrinsic value and their perceived \u201cvalue is nothing but make-believe.” He said cryptos are not even a tulip<\/p>\n","protected":false},"author":1,"featured_media":597804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22947,4951],"tags":[],"class_list":{"0":"post-597803","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-central","8":"category-indias"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/597803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=597803"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/597803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/597804"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=597803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=597803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=597803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}