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Private cryptocurrencies pose immediate risks, prone to frauds, says RBI FSR report
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Private cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) and combating the financing of terrorism (CFT), the Reserve Bank of India (RBI) Financial Stability Report (FSR) noted on December 29.
"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," the report said.
These comments assume significance in the context of ongoing debates on whether India should ban private cryptocurrencies or not. The RBI, time and again, has highlighted the deeper macroeconomic concerns posed by the unregulated private
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