Shaktikanta Das claimed cryptocurrencies shouldn’t be allowed since gambling is banned in India.<\/p>\n\n\n\n\n\n\n\n
India.- The governor of India\u2019s Central Bank, Shaktikanta Das<\/strong>, has again spoken out against cryptocurrencies<\/strong>. He called for them to be banned because they are “a game of chance” and gambling is banned in India.<\/p>\n\n\n\n Speaking at a Business Today event, Das reiterated his call for a complete ban on cryptocurrency, saying that although supporters call it an asset or a financial product, it has no underlying value.<\/p>\n\n\n\n According to The Hindustan Times, Das said: “Anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling.<\/p>\n\n\n\n \u201cSince we don’t allow gambling in our country<\/strong>, and if you want to allow gambling, treat it as gambling and lay down the rules for gambling. But crypto is not a financial product.”<\/p>\n\n\n\n Das is also concerned that the potential of cryptocurrencies as a method of exchange would cause central banks to lose control over the money supply and hence monetary policy and liquidity levels. He suggested a weakening of the authority of India’s Central Bank could lead to the dollarisation of the economy.<\/p>\n\n\n\n The Central Bank of India has launched its own digital currency pilot in the form of e-rupee, initially for wholesale at the end of October last year and a month later for private clients.<\/p>\n","protected":false},"excerpt":{"rendered":" Shaktikanta Das claimed cryptocurrencies shouldn’t be allowed since gambling is banned in India.<\/p>\n","protected":false},"author":176,"featured_media":11955,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Shaktikanta Das, Governor of India's Central Bank, reiterated his call for a complete ban on cryptocurrencies, classifying them as \"100 per cent speculation\" or \"gambling\" due to their lack of underlying value. He highlighted concerns regarding monetary policy control and potential dollarization. India's Central Bank is simultaneously piloting its own digital currency, the e-rupee.","focusai_entities":"Shaktikanta Das, India\u2019s Central Bank, Business Today, The Hindustan Times","focusai_location":"India","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.7), tech_data (0.7), payments_fraud_aml (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"e-rupee Governance Frameworks?","query":"What are the specific governance frameworks India's Central Bank intends to apply to its e-rupee to prevent the \"dollarisation\" risk it attributes to private cryptocurrencies?"},{"label":"Crypto Classification Impact?","query":"How might the Central Bank's classification of cryptocurrencies as \"gambling\" influence the regulatory approach to other digital assets or blockchain-based financial products within India's capital markets?"}],"footnotes":""},"categories":[156,16334],"tags":[23911],"class_list":["post-777001677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-news","category-south-asia-news","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777001677"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001677\/revisions"}],"predecessor-version":[{"id":777001681,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001677\/revisions\/777001681"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11955"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}