Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism

2022.07.01 04:11

Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism

In its latest financial stability report published on Thursday, the Reserve Bank of India, or RBI, reiterated its skepticism of digital assets, writing:

The report alleged that decentralized cryptocurrencies “are designed to bypass the financial system and all its controls,” including Anti-Money Laundering, Combatting Financial Terrorism, and Know Your Customer mechanisms. In a tone similar to the previous report, the RBI says that private currencies often result in instability over time and undermine sovereign control over the money supply.

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