The Central Bank of India proposed to ban «private» cryptocurrencies

Currently, India is the chairman of the G-20, which gives the country the authority to determine the agenda of discussions on global regulation of cryptocurrencies, in particular, at today's Business Standard BFSI Insight Summit. Indian Finance Minister Nirmala Sitharaman said that the regulation of crypto assets should be an international priority and will be a big topic of discussion during her presidency of the G-20.

The governor of the Central Bank of India, Shaktikanta Das, said at the meeting that the next financial crisis will be caused by «private cryptocurrencies.» According to Das, cryptocurrencies have no underlying value and are «speculative» assets. Moreover, cryptocurrencies carry huge inherent risks to the macroeconomic and financial stability of the country, so they should be banned. As an example, Das cited the recent collapse of the FTX crypto platform. 

The term «private cryptocurrencies» is used to distinguish between publicly available cryptocurrencies, such as the Indian CBDC, and cryptocurrencies that are issued by private players (bitcoin and ether). 

The chairman of the Indian central bank fears that if you try to regulate cryptocurrencies and allow them to grow, it will inevitably lead to the next financial crisis. 

Earlier, the Reserve Bank of India launched a Digital Rupee (CBDC) pilot program. Users can make transactions using the digital rupee through apps and mobile wallets.