News > ‘Cryptocurrencies threat to macroeconomic, financial stability,’ says RBI governor

‘Cryptocurrencies threat to macroeconomic, financial stability,’ says RBI governor

Reserve Bank of India Governor Shaktikanta Das on Thursday said that private cryptocurrencies are a threat to macroeconomic and financial stability, reported PTI. Das said it was his duty to caution investors on cryptocurrencies and told them that they were investing at their own risk.

“They should keep in mind that these cryptocurrencies have no underlying [asset], Not even a tulip,” the governor said. Das was referring to the ‘ tulip mania ” which concerned the Dutch financial craze for tulip bulbs in the 1630s.