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Cryptocurrencies pose a huge risk to global financial and monetary stability. This was stated by the governor of the Reserve Bank of India (the country's central bank) Shaktikanta Das, reports The Economic Times.
Cryptocurrencies are "something that should not be allowed to dominate the financial system," said the head of the Indian Central Bank, speaking at the Peterson Institute of World Economics in Washington.
"This carries huge risks for financial stability, for monetary stability, and creates risks for the banking system. This may create a situation in which the central bank may lose control of the money supply in the economy. If the central bank loses control over the money supply in the economy, how to check liquidity and control inflation? Therefore, we consider cryptocurrency as a big risk," he stressed.
Shaktikanta Das stressed that the spread of cryptocurrencies "is a serious problem for central banks around the world.
"...we must understand the essence of cryptocurrencies-to bypass the system."

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