Reserve Bank of India (RBI) Governor Shaktikanta Das, in an interview with ET Now, said the warning bells sounded by the Indian central bank persuaded people to avoid cryptocurrencies.
- "I’m happy we sounded those warning signals," said Das. "Anecdotally I am aware that many people did not invest in crypto or they sort of pulled out of crypto thanks to the caution and the concern that emanated out of the Reserve Bank."
- Das also reiterated his view that cryptocurrencies can create problems with a central bank's ability to manage monetary policy.
- The Indian central bank has time and again voiced concerns about crypto. In February, RBI Deputy Governor T. Rabi Sankar said that an outright ban on cryptocurrencies is perhaps the most apt choice for India.
- In 2018, RBI had effectively banned Indian banks from supporting or engaging in crypto transactions. However, the Indian Supreme Court overturned the order in 2020.
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