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<a href="https://news.todayq.com/rbi-chief-das-warns-of-crypto-mania-risks-while-us-approves-etfs/" rel="noopener noreferrer nofollow">Reserve Bank of India</a>’s (RBI) Governor, Shaktikanta Das in a recent interview expressed his views on the recent Bitcoin (BTC). The Indian government has been a bit hard on the cryptocurrency world by imposing heavy taxes. However, Bitcoin’s (BTC) rally to attain a new all time high (ATH) of over $69,000 gained the whole world’s attention. RBI Governor still unsure? 
RBI Governor provided some crucial insights into the current state of crypto and the central bank’s perspective. Shaktikanta Das highlighted that the excitement seen two years ago in the crypto space is no longer prevalent.&nbsp; As of now, there is a greater awareness among the public regarding the risks linked with digital assets.
He mentioned that while some individuals may have booked a profit but still a larger number are likely to incur losses due to the nature of crypto.
Das further talked about the difference between the technology that is backing the digital assets, namely blockchain, and the speculative products built on it. He clearly stated that the RBI has no issues with blockchain technology. It is actively using the tech for its central bank digital currency (CBDC), known as eRupy.
The governor highlighted concerns about the speculative nature of cryptocurrencies. Unlike traditional assets, crypto lacks underlying assets. He suggests that their trading is often based on speculation and this nature poses risks to investors. CBDC launch soon? 
Shaktikanta Das also opened up on the launch of the retail digital currency, CBDC. He stated that the RBI is not in a hurry and wants to ensure the safety, robustness, and integrity of the digital currency. He talked about the ongoing pilot project that has around 4.3 million retail users and over 4 million merchants.&nbsp;
It is important to note that the pilot project serves as a learning experience, addressing challenges that are related to technology, safety features, and transaction speed, he added.
On the query of when the RBI will come up with the full-fledged launch of CBDC, Das answered that there is no set timeline or target date for this. He made his point clear that the decision will depend on the RBI’s confidence in the product’s integrity and safety features. The central bank aims to be fully satisfied before launching CBDC on a broader scale.
RBI Governor’s big statement comes in when the crypto market is flourishing and has picked up a bullish speed. Bitcoin price is up by more than 50% in the last 30 days.
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India’s RBI Governor discusses Crypto risks amid Bitcoin bull rally

Todayq News

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