Cryptocurrencies Are A Clear Danger: RBI Governor Shaktikanta Das

Cryptocurrencies Are A Clear Danger: RBI Governor Shaktikanta Das

SUMMARY

Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name: RBI Governor

Cryptocurrencies are ‘medium’ systematic risk to the economy and the crypto-asset ecosystem is a ‘growing threat’ that warrants drastic approaches, RBI report

The central bank also stressed the need for further examination of the crypto space and its impact on traditional financial institutions

Reserve Bank of India Governor Shaktikanta Das has termed cryptocurrencies a ‘clear danger’, adding that anything that derives value based on make believe is ‘just speculation under a sophisticated name’.

In his foreword to the 25th issue of the Financial Stability Report (FSR), released on Thursday (June 30), Das said that technology has the potential to disrupt financial stability and called for special attention to tackle cyber risks. 

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