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Cryptocurrencies a ‘clear danger’ to financial systems: RBI governor

Reserve Bank of India Governor Shaktikanta Das described cryptocurrencies as a "clear danger," adding that anything that derives value from speculation is "just speculation under a sophisticated name."

Das stated in his foreword to the 25th issue of the Financial Stability Report (FSR) that technology has the potential to disrupt financial stability and that special attention should be paid to cyber risks. "...we must be aware of emerging risks on the horizon." Cryptocurrencies pose a clear risk. Anything that derives value solely on speculation, with no underlying basis, is simply speculation disguised as a sophisticated name. While technology has expanded the financial sector's reach and its benefits must be fully realised, its potential to disrupt financial stability must be avoided" the governor said.

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