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Governor Shaktikanta Das is continuing to voice his concerns about crypto. However, the governor has no views on the instability of fiat currencies.

Crypto poses risks – the IMF and the FSB say so

Governor Das has made his concerns over crypto very well known over time, and he has not changed his tune on his anti-crypto statements one iota. Each opportunity he gets in the public sphere he seizes with both hands in order to warn of what he perceives as the evils of crypto.

At the Business Standard BFSI Insight Summit 2023 in Mumbai, the governor was interviewed on his thoughts on crypto. He started by saying that “everybody understands and agrees” on the “serious risks” that crypto poses to the traditional financial system. He said:

“the International Monetary Fund (IMF)–Financial Stability Board (FSB) synthesis paper says very clearly that, based on country-specific requirements, especially for emerging markets and developing economies, countries may impose additional restrictions with regard to cryptocurrencies.”

Given that the two ‘financial authorities’ mentioned are very much pro a continuation of the fiat currency system, encouraging countries to impose extra restrictions on crypto would in their eyes lead to an ideal outcome if this indeed were to happen.

No definition of crypto

The governor went on to express his doubts over exactly how crypto is defined, stating:

“How will you regulate it (crypto)? Whom will you regulate and regulate what? Before you think of regulating it, let us first understand, what is this? What is this cryptocurrency? Is it a product, a financial product, an asset? If it is an asset, what is underlying that it is not a tangible thing? What is the underlying definition of cryptocurrency? Till now, I am yet to see a credible definition of what cryptocurrency is,”

With this particular statement Governor Das re

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Author: Laurie Dunn

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