INSUBCONTINENT EXCLUSIVE:
Cryptocurrencies have no underlying value, RBI Governor Shaktikanta Das said.India's central bank Governor Shaktikanta Das, a long-time
opponent of cryptocurrencies, launched another broadside against digital tokens, saying they have no underlying value and are a threat to
referring to the Dutch tulip bulb market bubble in the 17th century.Governor Das's comments come days after the Indian government removed
uncertainty about the legal status of crypto trading
In the federal budget speech February 1, Finance Minister Nirmala Sitharaman announced steep taxes for such transactions, effectively
treating them as winnings from activities like gambling that are legal albeit not encouraged
Regulations are awaited.The RBI, for its part, has taken a strong stance against private digital currencies
Given cryptocurrencies are designed to be traded freely and anonymously, the central bank is worried about capital controls, especially as
it has a tight grip over the partially-convertible Indian rupee
developing its own digital rupee, although Das declined to give a firm time frame by when it will be ready
In the budget, Sitharaman said a central bank digital currency would be ready by sometime in the next financial year that starts on April
