Financial services Secretary Nagaraju M sceptical about crypto, backs RBI's cautionary stance
Nagaraju M on Monday said he is «sceptical» about cryptocurrencies like Bitcoin and stressed on the need to adopt a cautious approach on such assets. Speaking at an event organised by SBI, Nagaraju backed the Reserve Bank's «careful» stance on such assets.
It can be noted that the RBI has been vehemently opposing any recognition of crypto over the years on a slew of factors, primarily stemming from the financial stability concerns.
«I am also very sceptical of cryptocurrency. Not now, not after becoming the financial secretary. Even as an individual, I am very doubtful of the entire scheme of cryptocurrency,» Nagaraju said speaking at an event organised by SBI.
In the comments that come amid a handsome rise in the value of some of the cryptocurrencies following the election of Donald Trump as the next US President, Nagaraju said his computer science graduate sons also call it a «suspect scheme» and he refers to them.
«So, I actually follow their (sons) advice. So, I think I will hold on to that. RBI is also very, very careful in that. Cryptocurrency, we need to be very careful,» Nagaraju added.
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