![RBI Governor marks cryptocurrencies as 'serious concerns' RBI Governor marks cryptocurrencies as 'serious concerns'](https://varindia.com/storage/news/uploads/2018/02/618d0b3293ce7.jpg)
RBI Governor Shaktikanta Das restated his views against allowing cryptocurrencies saying that they are a serious threat to any financial system since they are unregulated by central banks. The monetary authority said cryptocurrencies pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value.
“The government is actively looking at the issue and will decide on it. But as the central banker, we have serious concerns about it and we have flagged it many times," Das said.
Earlier in May also, Das had said that the central bank had major concerns on cryptocurrencies traded in the market. "Central bank digital currency is one thing. The cryptocurrencies which are traded in the market are something else. Both RBI and government are committed to financial stability. We have flagged certain concerns around these cryptocurrencies which are being traded in the market. We have flagged certain major concerns to the government," Das said.
The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns. The government last week moved to ban private cryptocurrencies.
Das also informed that the RBI is working on a digital version of a fiat currency, and is currently "assessing the financial stability implications of introducing such a Central Bank Digital Currency (CBDC)".
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