Next financial crisis will come from crypto: RBI Guv Das at BFSI summit

Business Standard BFSI Insight Summit 2022: Das said that these currencies have "no underlying whatsoever" and pose a threat to macroeconomic stability

Reserve Bank of India (RBI) governor Shaktikanta Das, on Wednesday, said that the next financial crisis would come from private cryptocurrencies. Speaking at the Business Standard BFSI Insight Summit, Das said that he believed that these privately held virtual currencies need to be banned.

"The term 'cryptocurrency' is a fashionable way of describing what is otherwise a 100 per cent speculative activity," Das said.

Das said that these currencies have "no underlying whatsoever" and pose a threat to macroeconomic stability.

"Mark my words, the next financial crisis will come from private cryptocurrencies...After the FTX episode, don't think we need to