Key Points
Cryptocurrencies are huge risks to financial stability, and monetary stability, Reserve Bank of India Governor Shantikanta Das said Friday, asserting it may create a situation where the central bank may lose control of money supply in the economy..
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 Shantikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank...
Governments are also becoming increasingly aware of the possible downside risks in cryptocurrencies," Das said.. India, he said, was the first country to raise questions about cryptocurrencies..
"Obviously, if a certain part of your economy is getting carved out and it is dominated by the crypto assets or the private crypto assets, then the central bank loses control over the entire monetary system..
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