Shaktikanta Das, the governor of India’s central bank, the Reserve Bank of India (RBI), spoke about crypto and regulations in an interview with CNBC Monday. Following the collapse of LUNA and UST, the governor warned about investing in crypto, stating they have “been cautioning against crypto and look at what has happened to the crypto market now”.

Das, who described crypto as something whose underlying value is zero, also mentioned that in case they had been regulating crypto markets already, people would have raised questions about what happened to regulations.