The Conservative Cave
Current Events => Economics => Topic started by: Ptarmigan on December 21, 2022, 07:16:15 PM
-
Crypto could cause next financial crisis: India central bank chief
https://www.dailymail.co.uk/wires/afp/article-11561647/Crypto-cause-financial-crisis-India-central-bank-chief.html
India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the recent collapse of FTX was proof of the sector's "inherent risks".
The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a global market collapse and steep domestic taxes.
"Unlike any other product, our main concern about crypto is that it doesn't have any underlying (value) whatsoever," Reserve Bank of India governor Shaktikanta Das said at an industry event.
"Our view is that it should be prohibited because ... if you try to regulate it and allow it to grow, please mark my words: the next financial crisis will come from private cryptocurrencies."
Could cryptocurrency cause the global market to crash? India's central bank thinks it could.