The RBI Governor, Shaktikanta Das, has consistently expressed significant concerns regarding cryptocurrencies. His views, as reflected in various statements and reports, include:
- Risk to Financial Stability: Das has described cryptocurrencies as a "clear danger" to financial systems, highlighting their speculative nature without any underlying value, equating them to "speculation under a sophisticated name" (Source: RBI's Financial Stability Report, 2022).
- Support for Ban: He has advocated for an outright ban on private cryptocurrencies, citing risks to macroeconomic and financial stability. Das has suggested that cryptocurrencies pose threats to monetary policy, financial stability, and could potentially lead to the next financial crisis if left unchecked (Source: Various news articles from 2021 to 2024).
- Comparison to Gambling: He has compared trading in cryptocurrencies to gambling, emphasizing the high volatility and lack of intrinsic value (Source: Statements made in January 2023).
- Regulatory Stance: Despite international developments like the US SEC approving Bitcoin ETFs, Das has maintained that India cannot afford a "crypto mania" similar to historical speculative bubbles like the tulip mania, and India's approach to cryptocurrency regulation will not necessarily follow other countries (Source: Statements from January 2024).
- Distinction from Blockchain: Das has differentiated between cryptocurrencies and blockchain technology, supporting the latter for its broader applications while opposing private cryptocurrencies (Source: Multiple interviews and statements).
Shaktikanta Das holds a skeptical and cautious view towards cryptocurrencies, advocating for their ban or stringent regulation due to perceived threats to the financial system's integrity and stability. His position has not significantly changed over time, focusing on the risks rather than potential benefits of cryptocurrencies.