RBI governor expressed Cryptocurrencies are not currencies or financial assets

Reserve Bank of India governor Shaktikanta Das said the current financial stability report released on Thursday that cryptocurrencies are not currencies or financial assets.

Das said cryptocurrencies as a clear danger to the financial stability of India.

India continues to debate the right framework for crypto regulation, India's RBI has expressed why digital assets are a risk to the financial system for India.

Cryptocurrencies have gained popularity but stressed that digital assets couldn't be classified as currencies or digital assets that have no value.

The RBI governor warned that private cryptocurrencies could erode the country's money control mainly due to the dollarisation of assets.

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