Cryptos Pose Huge Risks For Emerging Economies: RBI Governor

Cryptos Pose Huge Risks For Emerging Economies: RBI Governor

SUMMARY

On India’s central bank digital currency, e-rupee, Das said that the RBI soon plans to kick off pilots for new segments in the wholesale CBDC space

Touting UPI as perhaps the best payments system in the world, Das dismissed criticism that its creator NPCI has become a monopoly, adding that there was still room for UPI to grow

The RBI Governor, in the past, has termed cryptos a threat to India’s macroeconomic stability and has even called for an outright ban on VDAs

Reiterating the central bank’s stance on cryptocurrencies, Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday (December 11) said that digital currencies pose huge risks for emerging economies. “Our position, my position and the RBI’s position on this (cryptocurrencies) remains unchanged irrespective of who does what… For emerging market economies and for advanced economies also, travelling down that path will create huge risks which will be very difficult to contain going forward,” Das was quoted as saying by Reuters.

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