Cryptocurrencies huge risks to financial stability and monetary stability: RBI Governor Shantikanta Das

Cryptocurrencies are huge risks to financial stability, and monetary stability, Reserve Bank of India Governor Shaktikanta Das said Friday, asserting it may create a situation where the central bank may lose control of money supply in the economy.

“I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks, it has huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of money supply in the economy,” RBI Governor Shaktikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank.