Crypto Adoption Numbers in India Could Be ‘Exaggerated,’ Says RBI Governor

The governor of the Reserve Bank of India (RBI) believes that the number of Indians reported to be investing in crypto could be “exaggerated.”

Shaktikanta Das said he is “not so sure about the numbers which being quoted,” in an interview, which was part of financial newspaper Business Standard’s BFSI Insight Summit on Wednesday.
“With a reasonable amount of confidence, I think the number of participants in the crypto market seems somewhat exaggerated,” he said, but admitted the RBI does not have a completely clear view as it is an unregulated sector.
Das added that 70% or more of participants had only invested around INR 1,000-INR 3,000 (US$13-$40).
The central bank governor was responding to recent suggestions that adoption of crypto was among the highest in the world with some 7.3% of the population owning cryptocurrency.
Crypto is a “very serious concern” for the RBI owing to matters of macroeconomic and financial stability, Das had previously said in the interview.
India’s government looked poised to introduce legislation outright banning crypto earlier this year, but this stance has since softened with suggestions that cryptocurrency would be regulated as an asset class like commodities.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.