© Reuters.
By Laura Sanchez
Investing.com – Indian Central Bank (RBI) Governor Shaktikanta Das, notorious for anti-cryptocurrency rhetoric, has launched a new attack on digital tokens, saying they have no undervalued value. and constitute a threat to financial stability.
“Cryptocurrency investors should note that cryptocurrencies have no underlying, not even a tulip,” the Reserve Bank of India official said Thursday, in remarks reported by Reuters, in reference to the bubble of the Dutch tulip bulb market in the 17th century.
These comments come after the Indian government established a fiscal framework for cryptocurrencies.
Proponents who feared that New Delhi might outright ban cryptocurrencies saw the imposition of a tax as a sign of official acceptance, despite serious reservations from the country’s central bank.
“Private cryptocurrencies pose a great threat to macroeconomic stability and financial stability…investors should bear this in mind, they invest at their own risk,” Das said.
After warning that private cryptocurrencies could compromise the RBI’s ability to maintain financial stability, the central bank plans to launch its own digital currency next year.
It is estimated that there are between 15 and 20 million cryptocurrency investors in India, with a total cryptocurrency value of around 400 billion Indian rupees ($5.34 billion), Reuters reports.
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