RBI should hold debates, discussions before any crypto decision: Experts

economictimes.indiatimes.com:

Reserve Bank of India (RBI) has been a stringent critic of crypto assets, reiterating its tough stand on the new age asset class. Deputy governor T Rabi Sankar called for an outright ban on private cryptocurrencies at the IBA Banking Technology Awards. He claimed the notorious early 20th century Ponzi schemes were better than investing cryptos. Prior to this, RBI governor Shaktikanta Das said that private cryptos are a serious threat to macroeconomic and financial stability, and investors should keep risks in mind as such assets have no underlying value whatsoever, 'not even a tulip'.

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The harsh remarks from the central bank has vexed the crypto industry. They suggested the RBI hold debates and discussions at various forums before making a final conclusion. Rahat Beri, Founder and CEO, Acryptoverse, a crypto advisory firm said that cryptos are a budding technology and an asset class that should have the freedom to be explored with guardrails. «Otherwise we risk being left behind.» «Stablecoins are backed by currency, assets or other projects. We have seen success right in our own backyards,» she added. Cryptos come with multiple challenges and these must be addressed, experts said. Authorities should move in the direction of debate, assessment and deliberation over such assets. RBI has always been an active critic of crypto assets and vocal advocate to put a blanket ban on the private crypto assets. Proliferation of such currencies will undermine the rupee, they said. Repulsing from RBI's opinion, market experts said that banning