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On Wednesday, the governor of India's central bank stated that they are not at war with crypto but that cryptocurrencies lack fundamentals and should be banned.
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Shaktikanta Das, Governor of RBI, told a packed room of banking executives and lawmakers that crypto poses a significant risk to the stability and macroeconomic health of the country.
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"After the development of the last one year, including the latest episode surrounding FTX, I don't think we need to say anything more.
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"Time has proven that crypto is worth what it's worth today."
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"Change in value in any so-called product is the function of the market. But unlike any other asset or product, our main concern with crypto is that it doesn't have any underlying whatsoever."
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"I think crypto or private cryptocurrency is a fashionable way of describing what is otherwise a 100% speculative activity," said Das.
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"They don't believe in the central bank, they don't believe in a regulated financial world. I'm yet to hear a good argument about what public purpose it serves," he said.