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.
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.