If allowed to expand, private cryptocurrencies could trigger the next financial crisis, said RBI Governor

Reserve Bank Governor Shaktikanta Das pushed for the banning of instruments like Bitcoin on Wednesday, saying that if such speculative instruments are allowed to expand, they might be the cause of the next financial crisis.

Das has vehemently resisted such instruments, and the RBI has taken its case all the way to the Supreme Court.

The RBI governor continued by saying that recent events, such as the most recent collapse of the cryptocurrency exchange FTX, which is regarded as one of the greatest financial scams in US history, highlight the danger that such instruments offer.

This news was written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.

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