Cryptos can lead to dollarisation of economy, pose threat for stability of India's financial system: RBI officials

Published on: Monday 16 May 2022

Senior RBI officials have told a parliamentary panel that use of cryptocurrency can lead to dollarisation of India's economy and this will be harmful for the stability of the country's financial system. It is estimated that currently, India is having around 15-20 million crypto investors. Many officials are also of the view that the crypto bubble can also burst leading to liquidation of the savings of lakhs of people.

News source: https://timesofindia.indiatimes.com/videos/news/cryptos-can-lead-to-dollarisation-of-economy-pose-threat-for-stability-of-indias-financial-system-rbi-officials/videoshow/91599568.cms

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Cryptos can lead to dollarisation of economy, pose threat for stability of India's financial system: RBI officials