Number of participants in crypto market somewhat exaggerated: RBI Governor

MUMBAI: Numbers being thrown around on India’s crypto market participants seem to be “somewhat exaggerated", RBI governor Shaktikanta Das said on Wednesday, reiterating his earlier stance that cryptocurrencies are a serious concern for the central bank.

 “I don’t claim that I have 100% information. Since it is an unregulated territory, we don’t get full information. But whatever information and feedback we have, with a reasonable amount of confidence, I think that the number of participants in the crypto market seems somewhat exaggerated," Das said at a Business Standard event.

He pointed out that majority of India’s crypto investors -- 70% or more – have invested ₹1,000-3,000 and perhaps there is an effort to enroll as many people as investors as possible.

Livemint reported on 13 October that India has the highest number of crypto owners in the world at 10.07 crore, citing information from broker discovery and comparison platform BrokerChooser.

 “Let me reiterate that cryptocurrencies are a very serious concern as far as the RBI is concerned and we have a serious concern from the point of view of macro-economic and financial stability," Das said.

He added that the central bank has submitted detailed suggestions to the government on cryptos. “As far as I know the matter is under active consideration of the government and it will decide. In terms of the amount invested the numbers and definitely growing. Anecdotally, we hear so many things but I am not so sure about the numbers being quoted," he said.