Cryptocurrencies are a 'clear danger': RBI governor Shaktikanta Das

Indian fintech industry value projected to hit $150 bn by 2025

Referring to cryptocurrencies as a “clear danger”, Reserve Bank of India Governor Shaktikanta Das said anything that derives value based on make-believe is just speculation under a sophisticated name.

“While technology has supported the reach of the financial sector, its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against. As the financial system gets increasingly digitalised, cyber risks are growing and need special attention,” Das said in the foreword to the RBI’s Financial Stability Report, June 2022.

According to the report, the Indian financial technology industry, among the faster growing globally, was valued