Crypto Adoption Numbers in India Could be ‘Exaggerated,’ Says RBI Governor

The governor of the Reserve Bank of India (RBI) believes that the number of Indians reported to be investing in crypto could be “exaggerated.”

• “With a reasonable amount of confidence, I think the number of participants in the crypto market seems somewhat exaggerated,” he said, but admitted the RBI does not have a completely clear view as it is an unregulated sector.

• Das added that 70% or more of participants had only invested around INR 1,000-INR 3,000 (US$13-$40).

• Crypto is a “very serious concern” for the RBI owing to matters of macroeconomic and financial stability, Das had previously said in the interview.

• India’s government looked poised to introduce legislation outright banning crypto earlier this year, but this stance has since softened with suggestions that cryptocurrency would be regulated as an asset class like commodities.