RBI Governor Das Believes Crypto is Unhelpful to Emerging Economies

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Just one day after a recent KuCoin report revealed that India has about 115 million crypto investors, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, asserted that crypto is not suitable for developing economies like India.

In a recent interview, the central bank official explained, “Countries like India are differently placed from advanced economies when there is a talk of dollarization of economy…”

The RBI Chief added:

“It is not a good thing for our economy to happen. Therefore for emerging market economies, since all cryptos are denominated in the hard currencies by and large [the] dollar, [they] will not work in favor of countries like India. It may work in favor of the advanced economies.”

His comments come after reports showed that the country had over 115 million crypto investors and that these investors plan on increasing their holdings in the future.

In May, the RBI warned a parliamentary panel that cryptocurrencies, especially Stablecoins, can lead to the dollarization of the economy, albeit unintended.

Reacting to the RBI Governor’s comments, CEO of Antier Solutions Vikram R Singh said that “blockchain technology and the use of virtual currencies both have limitless potential to strengthen economies around the world.” Singh added that “implementing them in a regulated and governed manner would help countries harness its capabilities for [the] public as well as private sector development.”

RBI Governor Acknowledges Crypto Usefulness in Fintech Innovations

While Das acknowledged that cryptocurrency supports fintech innovations, he explained that the RBI would evaluate the risks they pose in the sector and investigate whether they are properly managed.

Finally, Das explained:

“I would like to believe that a large number of people would have taken note of the warning signals and the concerns expressed by the Reserve Bank and I would like to believe and anecdotally we are aware that many people did not invest in crypto or of pulled out of crypto, thanks to the kind of caution and concerns that emanated from the Reserve Bank.”