RBI Governor Shaktikanta Das again warned against crypto assets and stablecoins on Thursday. He highlights the necessity of supporting digital currencies issued by central banks, claiming that they are the most economical and efficient form of payment, particularly for cross-border transactions.
Shaktikanta Das said, “The fundamental question is whether governments and central banks are comfortable with private currency because currency is a sovereign function. Their financial consequences, negative consequences for domestic and global monetary system and order, need to be understood.”
He also said that before adopting stablecoins and cryptocurrencies, everyone should be aware of all the risks. “We need to know how many sharks there are before entering the waters,” he added.