'Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name,' said the RBI governor. crypto cryptocurrency bitcoin $BTC
Indian Central Bank RBI: Cryptocurrencies Are a Clear Danger — Financial Stability Risks Likely to Grow
Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The Indian central bank’s report explores financial stability risks posed by crypto assets, citing various studies, including the work by the Financial Stability Board . The report states:
In addition, it notes that crypto’s “interconnectedness with the traditional financial system is restricted.”The associated risks are, however, likely to grow as these assets and the ecosystem supporting their growth are evolving.
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