Cryptocurrencies 'serious concern', number of participants are somewhat exaggerated: RBI Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said cryptocurrencies are a very serious concern and as far as RBI is concerned, the concerns are from a point of view of macroeconomy and financial stability.

Das was speaking at Business Standard’s BFSI Summit.

"We have given our detailed suggestions, as far as I know the matter is under active consideration of the government and the government will decide,"he said on how the issue has to be dealt.

He also addressed that the numbers are definitely growing and anecdotally so many things are heard.

“The number of investors on sense I have is that I’m not so sure about the numbers which are being quoted,” Das said, adding as it is an unregulated territory the central bank doesn’t get full information.

“With a reasonable amount of confidence, I think the number of participants claimed in the crypto market are somewhat exaggerated,” he further said.

Bulk of the investors or 70 percent have invested just Rs 1,000/2,000 so perhaps there is an effort to enroll as many people as investors as possible, Das said.

He reiterated that as central bank they have concerns from macroeconomic and financial stability point of view and have flagged this concern. We have given certain recommendation and suggestion to the government. It is under active consideration, he said.