Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday reiterated his opposition to cryptocurrencies — saying emerging markets and the world cannot afford “crypto mania” and the Indian central bank will not emulate others in regulating them.
His comments come a day after the US Securities and Exchange Commission (SEC) approved a spot bitcoin exchange-traded fund (ETF).
SEC chair Gary Gensler, however, warned ``bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing’’.
“While we approved the listing and trading of certain spot bitcoin ETF shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin.”
Speaking at an event organised by business daily Mint here, he said he remained firmly opposed to cryptos. ``What is good for another market need not be good for us. Therefore our views — both that of the Reserve Bank and personally that of mine —remain the same,” he observed.
“Our position, my position and the RBI’s position on this remain unchanged irrespective of who does what. Just because someone has done something, we are not here to emulate them,” he said.
“I don’t wish to comment on what a regulator of another country has done; they know what is best for their country. But I would like to say that they themselves have flagged risks.”
