Cryptocurrencies a risk to monetary stability of India: RBI Guv

The Reserve Bank of India (RBI) governor, Shaktikanta Das, on Thursday mentioned that cryptocurrencies are an enormous risk to the monetary and macroeconomic stability of India.
“As far as cryptocurrencies is concerned, the RBI stance is very clear. Private cryptocurrencies are a big threat to our financial and macroeconomic stability. They will undermine RBI’s ability to deal with issues related financial stability. I think it is my duty to tell investors that when they are investing in cryptocurrencies, they should keep in mind that they are investing at their own risk. They should keep in mind that these cryptocurrencies have no underlying (asset). Not even a tulip,” mentioned Das in a press convention following the coverage charge resolution.
Das mentioned that the RBI is transferring cautiously on the introduction of central financial institution digital foreign money.
“We can’t give a timeline on CBDC. But what I can say is that whatever we are doing, we are doing it very carefully and cautiously. We have to keep risks like cyber-security and counterfeiting in mind. So we are proceeding cautiously and can’t give a timeline,” mentioned Das.