India’s RBI chief sees crypto as a threat

India’s central bank chief has expressed concern about cryptocurrencies and said they could pose a threat to the country’s financial stability.

Reserve Bank of India Governor Shaktikanta Das said, “When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved.” He lamented that no “serious, well-informed discussions” were taking place in the public space on these issues. Blockchain technology is 10 years old and it can grow even without cryptocurrencies, he added.

This is the second time in a week the top banker has raised his objections to virtual currencies. A few days ago, Prime Minister Narendra Modi held a meeting on cryptocurrencies amid worries over misleading claims of huge returns on investment.

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