The governor of India’s central bank, the Reserve Bank of India (RBI), has warned that the next financial crisis will come from cryptocurrencies, like bitcoin and ether. The central bank chief added that cryptocurrencies pose “huge inherent risks” to India’s macroeconomic and financial stability.
Indian Central Bank Warns About Crypto Causing the Next Financial Crisis
Reserve Bank of India (RBI) Governor Shaktikanta Das warned about the danger of cryptocurrency Wednesday. The central banker cautioned:
Cryptocurrencies have … huge inherent risks for our macroeconomic and financial stability.
The RBI is primarily concerned about cryptocurrencies having no underlying value, Das clarified, emphasizing that crypto is “speculative” and should be banned.
Indian authorities refer to any non-government-issued cryptocurrencies, such as bitcoin and ether, as “private” cryptocurrencies. Commenting on crypto trading, Das said:
It is a hundred percent speculative activity, and I wo
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