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Gambling Claim from India to Crypto

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Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated his stance calling for a ban on cryptocurrencies because they are speculative and similar to gambling.

According to Das, the position of the RBI on crypto remains the same, saying that it cannot be considered as a financial product and must be considered as a gambling business, India Today reported on January 13. “Anything in which the price depends entirely on the simulation is nothing but 100% speculation, or to put it bluntly, it is a gamble. <…> In our country , we promise not to gamble.

If you want to quit gambling, treat it like gambling and follow the rules. <…> Cryptocurrency masquerading as a financial product or financial asset is a wrong argument,” he said. The threat of crypto
Das argued that the threat of crypto to the financial sector is due to the lack of value underlying it and warns that allowing digital assets to grow will undermine the role of banks in controlling the currency.
“Some people call cryptocurrency a commodity, others call it a financial product, but any asset or financial product must have an underlying value. But cryptocurrency has no underlying value,” Das said.

Amid calls to ban cryptocurrencies, the governor acknowledged that the government should support blockchain technology because of its underlying benefits. As reported by Finbold, the RBI has argued for a ban on private cryptocurrencies at some point, warning that digital assets could cause further financial problems.

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Against Private Crypto

To prevent the growth of cryptocurrencies such as Bitcoin (BTC), the bank is preparing for the withdrawal of the digital currency of the central bank (CBDC) and has issued a memorandum of opinion. However, the announcement received a backlash from the crypto and blockchain companies operating in the country because it is reactive.

It is worth noting that India is preparing for a comprehensive system for cryptocurrency regulation, citing the nature of the sector’s limitations. Despite the uncertainty surrounding crypto regulations, India still records a large number of digital investors.

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