He cited the crash of FTX as an example of the instability of these instruments and called for them to be treated differently than legitimate financial products.
RBI Governor Raises Concerns about Digitalization of Payments
In addition, Das raised concerns about the increasing digitalization of payments and the potential for tech giants to dominate payment networks. He also highlighted the potential for "dollarization" of the economy as most cryptocurrencies are dollar-denominated, which could negatively impact monetary control.
RBI Governor Suggests Ban on Cryptocurrency
As a solution, Das suggested an outright ban on cryptocurrency. It is unclear at this time what policy changes will come from his statements. Still, it is expected to be a significant period for the Indian cryptocurrency industry plagued by uncertainty.