Central Bank of India: Cryptocurrencies Could Trigger a Global Crisis

According to the head of the Reserve Bank of India, Shaktikanta Das, a massive transition to digital currencies could trigger a global financial crisis.

He believes that the innovative tool poses great threats to the payment infrastructure operating in the world, which is regulated by central banks. He has added that the growth of the crypto market will inevitably lead to shocks.

He has recalled that digital currencies do not have any collateral, and this is a completely speculative instrument. According to him, the head of the RBI calls for the accelerated creation of national digital currencies (CBDCs).

If the authorities offer their citizens an alternative in the form of tokens pegged to fiat money, then they will be able to maintain control over the financial system.