According to RBI Governor Shaktikanta Das, private cryptocurrencies will cause the next financial catastrophe

The policy repo rate has been increased by 35 basis points, to 6.25 percent, with immediate effect, by the Reserve Bank of India's monetary policy committee (MPC). Five out of the six members of the MPC decided to support a rate increase during the meeting, according to an announcement made by RBI Governor Shaktikanta Das on December 7. Here is what the governor of the RBI said at the MPC briefing.

The head of India's central bank cautioned on Wednesday that private cryptocurrencies will be the cause of the subsequent financial disaster, adding that he continues to believe that cryptocurrencies should be outlawed.

Shaktikanta Das, governor of the Reserve Bank of India, further stated that cryptocurrencies have no intrinsic value and pose hazards to the stability of the macroeconomy and the financial system.