Jamal Al-Farouq The boss of India’s central bank (the Reserve Bank of India), called RBI, says the US banking crisis is a big warning sign of the dangers that come with cryptocurrency. He also said Indian’s economy is staying strong and past inflation is no longer a problem.
RBI Governor Shaktikanta Das Warns of Dangerous Impact of Cryptocurrencies on Indian Economy
Shaktikanta Das, the Governor of India’s Reserve Bank (RBI), recently discussed a recent banking crisis in the U.S. at the 17th K P Hormis Commemorative Lecture Friday. He warned that using cryptocurrencies can be dangerous because they could make the financial system weak and unstable.
Recently, some banks in the U.S. have collapsed. Last Sunday, Signature Bank was shut down by the New York State Department of Financial Services while Silicon Valley Bank closed on Friday. They are the second and third biggest banks in the U.S. to fail. Earlier this month, Silvergate Bank also said it will end its business operations.
Senator Elizabeth Warren (D-MA) thinks banks who accept cryptocurrency without enough security have caused the banking crisis. But regulators have said it’s not about crypto. The Indian central bank boss talked about how this shows we need to be cautious and he said that “we need to be careful with our money”.
The Indian economy is still doing well, and inflation has stopped increasing. The Central Banking Awards 2023 awarded a person named Das as the Governor of the Year on Wednesday. Das talked about how cryptocurrency could be a danger to India’s economy – it could mess up the way money works in our country, and it interrupts the central bank from managing their currency.
What do you think about the things that RBI Governor Shaktikanta Das said? Tell us in the comments section!
