The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, while addressing the Business Today Banking and Economy Summit on Friday, underscored RBI’s position, reiterating the significance of banning crypto trade. He added that the definition of crypto is “very unclear” and is analogous to “gambling”.

In addition, he pointed out the risky factor that would lead to RBI vastly losing control over the money supply in the economy. He corroborated his ideas by showcasing the fact that “20 percent of transactions are happening through crypto”, which is neither authorized nor regulated by the central bank.

Further, Das expounded on the unreliability of cryptocurrencies, featuring the volatility in price:The volatility in prices is based on the make-believe concept where a particular crypto’s price can go up or down.

Significantly, his words resonated with the bleak future of cryptocurrency, when he cited the example of the fall of the once-prominent crypto trading firm FTX. However, he incorporated the necessity of supporting blockchain technology as it has “so many other applications”, other than crypto trade.