The governor of RBI, Shaktikanta Das has once again warned Indian citizens against the perils of crypto. In a recent interview, Das said, “cryptos may lead to dollarization of the developing countries like India as the prices of crypto tokens are mostly denominated in dollars.”
He believes that this will lead to serious financial instability in the country. He also said that cryptos pose a great risk for small investors who are prone to lose their money. He said, “This may favor me if I am sitting in the other part of the world, but not here. This will work in the favor of an advanced economy.”
Currently, crypto is neither legalized nor banned in India. However, Indian Finance Minister Nirmala Sitharaman has said that the Union government is very keen to encourage blockchain distributed ledger technology in India.
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