Business Insider USFTX's collapse shows that crypto could trigger the next global financial crisis if it's not banned, according to RBI governor Shaktikanta Das.FTX's bankruptcy filing shows that crypto is a threat to the global financial system, according to Reserve Bank of India governor Shaktikanta Das."Mark my words, the next financial crisis will come from private cryptocurrencies," he added.
"The term 'cryptocurrency' is a fashionable way of describing what is otherwise a 100% speculative activity," he told"Our view is that it should be prohibited because if you try to regulate it and allow it to grow, please mark my words the next financial crisis will come from private cryptocurrencies," Das added."They have no underlying value. They have huge inherent risks for our macro economic and financial stability.
Das said that this year's brutal 'crypto winter', fueled by rising interest rates and the spectacular implosion of several high-profile companies including major exchange FTX, had reinforced his view that cryptocurrencies need to be banned. Authorities arrested its disgraced founder Sam Bankman-Fried in the Bahamas last week, and he is currently awaiting extradition to the US on fraud and money laundering charges.
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