Shaktikanta Das reiterated the need for a complete ban on crypto.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated his appeal for a complete ban on cryptocurrencies.

He said that crypto is 'nothing but gambling' and their alleged 'value is just an illusion'.

Taking forward its opposition to such currencies and to take an edge over other central banks, RBI has recently introduced its digital currency (Central Bank Digital Currency) in the form of e-rupee.

Shaktikanta Das reiterated the need for a complete ban on crypto in a media house program here on Friday.

Its proponents call it an asset or a financial product, but it has no inherent value, he said.

Not even a 'tulip'.

Significantly, in the beginning of the last century, the demand for tulip flower had increased a lot.

Its price reached the sky.

People wanted to get tulips at any cost.

“Every asset, every financial product must have some underlying value, but in the case of crypto there is no inherent value… not even a tulip… and the rise in market value of crypto is just a fluke,” the governor said. He said that to put it very clearly, it is gambling.

The RBI governor insisted, “We do not allow gambling in our country, and if you want to allow gambling, consider it as gambling.

Also set gambling rules... But crypto is not a financial product.

What is crypto currency? 

In simple language, we can say that crypto currency is a digital or virtual currency.

This virtual currency is protected through cryptography.

Only online transactions can be done through this currency, there is no interference of any third party in it.

There is no control of any country or bank, no government or bank of any country has any control

over crypto currency, nor can any authority decide the price of crypto currency.

Today hundreds of forms of crypto currency exist in the world.

Bitcoin, Ether, Litecoin and Monero are some of the popular cryptocurrencies.

Bitcoin is the world's first crypto currency

Bitcoin is considered to be the world's first crypto currency.

It was created by Satoshi Nakamoto in 2009.

It is a de-centralized currency, that is, it is not controlled by any government or organization.

Due to the continuous increase in the price, people have a lot of attraction towards this currency.

Ethereum is also an open source, de-centralized and blockchain-based digital currency.

The name of its founder is Vitalik Buterin.

Its crypto currency token is also called 'Ether'.

It is the second most famous crypto currency after bitcoin.

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