Indian Central Bank governor asks why people need to travel Bitcoin vehicles? Amid crypto exchanges ban
Shaktikanta Das shared his crypto-hater opinion on cryptocurrencies, following the approval of Bitcoin spot ETF products by the American securities regulatory body.
Indian Central Bank, Reserve Bank of India (RBI), is a very big hater of cryptocurrencies, just like other countries’s central banks. RBI loves blockchain technology to a very big degree. Currently, RBI is testing its CBDC, or say digital rupee, with the participation of commercial banks & citizens involved officially.
As we know, the United States Securities and Exchange Commission (SEC) approved Bitcoin spot ETF products on 10 Jan 2024.
Following the approval of the Bitcoin spot ETF in America, the RBI governor Shaktikant Das was questioned by an interviewer during an interview about his new stance on Bitcoin & cryptocurrencies in India.
The RBI governor clearly said that if something is better for another country’s economy then it doesn’t mean that thing will be better for the Indian economy, as India is a developing country & America is a developed country.
Furthermore, the Governor said that he doesn’t understand why people want to go with the cryptocurrency path & from which thing they are trying to get out.
“The question arises, why do you need to travel down that road? What is it that you get out of it?,” RBI governor said.
Shaktikant also said that very few people make money from cryptocurrency investments & the rest of them face loss.
The most important thing on which the RBI governor dragged attention was the risk factors associated with cryptocurrency investment, as mentioned by the US SEC regarding Bitcoin spot ETF products.
He said that the US regulatory bodies also think that cryptocurrencies are highly risky investment assets and also they strictly warned citizens from such investment assets.
Apple India ban crypto exchanges
Just a few days ago, we reported that Apple India removed nearly half a dozen crypto exchanges from the Apple App Stores.
As per reports, those crypto exchanges were not registered with India’s FIU unit, which is a requirement for any crypto firm to provide crypto service in India, to ensure that no illegal financial activities occur on the platform.
Just a day ago, Indian agencies also restricted the access of these crypto exchanges. The restricted crypto exchanges list includes Binance.
In response to these actions, the Binance exchange confirmed that customers’ funds are safe and will try their best to bring services back to Indian crypto investors via a better engagement with the Indian policy markers & regulatory bodies.
Read also: Bitcoin crashed 10% because of Grayscale (GBTC) but is ready to recover soon
