The Reserve Bank of India (RBI) Governor Shaktikanta Das has expressed his concerns for the second time in a week when the central government is looking forward to making measures to regularise it.
He said, “There are far deeper issues involved in virtual currencies that could pose a threat to the country’s economic and financial stability. When the RBI, after due internal deliberation, says that there are serious concerns on macroeconomic and financial stability, there are deeper issues, which need much deeper discussions and much more well-informed discussions.”
Prior to this, a week ago in an event, Das had already said that the digital virtual currencies pose serious threats to the macroeconomic and financial stability of the country. He also raised his doubts over the reported numbers of investors owning crypto assets and also the claimed market value of those investments.
Das claimed that the value of virtual currency transactions and trade has increased, but that the number of accounts are inflated. The governor questioned the current cryptocurrency trade numbers, claiming that credit is being used to attract investors to create accounts.
He further said that public expenditure will play a major role in pushing investment-led recovery, while expressing hope that the country has the potential to grow at a steadier pace in the post-pandemic scenario.
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