The Reserve Bank of India's Governor: Private Cryptocurrencies Will Cause Next Financial Crisis, Should Be Banned

The Reserve Bank of India's governor, Shaktikanta Das, said private cryptocurrencies would lead to the "next financial crisis" if allowed to continue, and should therefore be banned.

"Please, mark my words, the next financial crisis will come from private cryptocurrencies," Das said at the Business Standard BFSI Insight Summit on Wednesday. “They have no underlying value. They have huge inherent risks for our macroeconomic and financial stability. I am yet to hear any credible argument about what public good or what public purpose it serves."