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Private cryptocurrencies pose immediate risks, prone to frauds: RBI report
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livemint.comThe proliferation of private cryptocurrencies across the globe have sensitised regulators and governments to the associated risks, said RBI Financial Stability Report (FSR), adding that they pose immediate risks to customer protection.
Private cryptocurrencies are also risks against anti-money laundering (AML) and combating the financing of terrorism (CFT), the RBI report noted.
They are also prone to frauds and to extreme price volatility, given their highly speculative nature. Longer term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution, said the FSR report which is released bi-annually.
"According to the Financial Action Task Force (FATF)12, the
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