I don't think world, especially EMs, can afford a 'cryptomania', says RBI Governor Shaktikanta Das

The Reserve Bank of India Governor (RBI) on Thursday said that the central bank's on crypto remains unchanged. Governor Shaktikanta Das during the Mint's BFSI Summit said, “Traveling down that path will create huge risks. I don't think the world or emerging markets can take a crypto mania like the Tulip mania".

Further, RBI Governor Das lauded private companies for their roles in making India a world leader in the UPI Payment system. "The digital lending guidelines have been well accepted. The Fintech sector is growing and will grow but it needs to grow sustainability and that is our emphasis," Das said during the Mint BFSI Summit.

With the recent spike in fraudulent lending apps, the RBI governor said they are working with the government and the concerned ministries for appropriate measures against suspicious applications. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.