Reserve Bank of India Governor Says Crypto Is Pure Gambling And Should Be BANNED

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Reserve Bank of India Governor Shaktikant Das has said that cryptocurrency should be banned in the country, that it is gambling only. The RBI Governor made this known during an interactive session at the Business Today Banking and Economy Summit.

The technology must be supported, but the cryptography must be prohibited. Crypto is gambling, in India we don’t allow gambling.

RBI Governor Shri Shaktikanta Das at the Business Today Banking and Economy Summit pic.twitter.com/UR4UikQ11Y

— Crypto India (@CryptooIndia) January 13, 2023

In his words;

The technology must be supported, but the cryptography must be prohibited. Anything whose valuation depends entirely on pretending is nothing but 100% speculation.

Ironic to hear the head of the Central Bank of India holding the ban lever. Crypto has the potential to become a medium of exchange. Were no longer under the radar.

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Statistically, India’s revenue in the cryptocurrency segment is projected to reach US$3.33 billion in 2023. Revenue is projected to show an annual growth rate (CAGR 2023-2027) of 15.49%, which would yield a projected total amount of US$5.92 billion by 2027.

Despite RBI’s crypto-antagonistic attitude, according to data published by KuCoin, a global cryptocurrency exchange, an estimated 115 million people, 15% of India’s total population, currently hold the cryptocurrency. , of this lot, 54% of Indian crypto investors. are optimistic about long-term gains.

Game ? ; a large portion of Crypto projects are speculative in nature. Crypto is not just about BTC, ETH, Matic, BNB. Crypto has 15-20K+ tokens in which some are scams and totally speculative without any fundamental utility cut for its creation.

Is crypto totally a game? Definitely NO, when you have new technology these types of volatility exist and basically Bitcoin and a few assets are strong. Banning crypto in India is therefore not the solution because here it sees everything as a game which it is not.

Point to Note – Whatever the Indian government’s economic policy, RBI has an important role to play. And I think when crypto taxation is mutually implemented, it will rejuvenate all stakeholders because regulations will not deter builders from developing Blockchain scripts to solve societal problems.

Some crypto coins and tokens are scams, but obviously they would disappear as the crypto industry matures when DYOR people supplement to understand the utilities driving a particular crypto asset before investing in it and if there is a clear government direction on Web3 and Cryptocurrency regulations.

Nobody likes competitors and that becomes even clearer when you know that the competitor will eventually win. RBI must change its approach or it will be responsible for India’s loss in the digital economic reconstruction of the 21st century.

RBI should learn from countries like El-Salvador, DUBAI and other European countries, which have openly embraced Crypto and Web3 infrastructure development.

Governments want people to keep money in the bank so they get returns and banks can make percentages in the stock market inflation rating cannot be forced on Crypto so there has fewer opportunities to steal money from citizens through rigid and harsh monetary policies.

Blockchain smart contracts will automate the execution of contracts, reducing the need for intermediaries. Also, political masters at the center cannot send unaccounted money to spend during elections.

Final Thoughts

High volatility and scams are normal whenever there is an emerging technology that people are still trying to figure out; Banning Crypto in India outright will not solve the lingering issues encountered while trading.

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