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Private Cryptocurrencies Pose Risks To Customer Protection: RBI Report
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ndtv.comRBI's financial stability report has said that private cryptocurrencies pose risks to customer protection
Reserve Bank of India (RBI), a long standing critic of private cryptocurrencies, has said that these pose immediate risks to customer protection, anti-money laundering and combating terrorism financing.
The central bank's financial stability report, which released on Tuesday, noted that private cryptocurrencies are "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 views expressed in the report assume significance in the context of the ongoing
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