Reserve Bank of India is going to introduce new digital currency in the country. Finance Minister Nirmala Sitharaman said that in the budget. RBI Governor Shaktikanta Das gave a big warning about investing in crypto-currency. Investors in cryptocurrencies are warned that they should invest at their own risk.
He also said it was his “duty” to warn investors. He reminded that this investment should be done at their own risk. According to the governor, this cryptocurrency can often pose a threat to economic and financial stability He also compared it with the historical ‘Tulip Mania’.
In the words of Shaktikanta Das, “Private cryptocurrencies are all the same. By whatever name it is called. Transactions and investments through speculation should be done with extreme caution at one’s own risk.”
In a press conference organized after the announcement of the credit policy on Thursday, he warned that these digital currencies are very risky for investors. The RBI’s efforts to restore economic and financial stability in India may also backfire.
However, he did not want to say anything about when RBI’s digital currency will come. Shaktikanta said, these cryptocurrencies have no value at all. So investing in it may sink at any moment. But the RBI governor’s words make it clear that private cryptocurrencies will not be recognized as digital currencies at least in India right now.