RBI Governor ‘Shaktikanta Das’ Statement on Crypto and Stablecoins

Shaktikanta Das, governor of the RBI, emphasizes the significance of central bank-issued digital currencies as the most economical and effective form of payment.
RBI Governor 'Shaktikanta Das' Statement on Crypto and Stablecoins
RBI Governor ‘Shaktikanta Das’ Statement on Crypto and Stablecoins

On Thursday, RBI Governor Shaktikanta Das issued a fresh warning against cryptocurrency and stablecoins. He emphasizes the need of backing central bank-issued digital currencies, arguing that they are the most cost-effective and effective method of payment, especially for international transactions.

The main issue, according to Shaktikanta Das, is whether or not governments and central banks are at ease with private currency because issuing money is a sovereign duty. It is important to comprehend their financial repercussions, which harm the domestic and global monetary system and order.

He added that everyone should be informed of all the hazards before adopting stablecoins and cryptocurrencies. Added. Before entering the ocean, we must be aware of the shark population.

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