The Reserve Bank of India (RBI) governor Shaktikanta Das has major concerns about cryptocurrencies and their effect on financial stability. While he has not gone into details about what kind of cryptocurrencies he is concerned about, one can assume that it includes the entire gamut — the original Bitcoin, the Altcoins such as Ethereum, which number about 9,000 and are growing too fast for anyone to keep track of, and finally even the Initial Coin Offerings (ICOs), which are being used by most technology businesses to raise money while issuing tokens. The concern extends to even the class of cryptos called “Stablecoins” that try to minimise volatility by tethering their value to an underlying asset or basket of assets.
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