The Reserve Bank of India (RBI) governor, Shaktikanta Das, on Thursday said that cryptocurrencies are a big threat to the financial 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,” said Das in a press conference following the policy rate decision.