Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism
— Financial system, Criticism, Sovereign, Factors, Bottom, Threat, Skepticism, India, Combatting financial terrorism, Instability — 1 min read
The Reserve Bank of India has reiterated its skepticism of digital assets in its latest financial stability report. The report alleged that decentralized cryptocurrencies "are designed to bypass the financial system and all its controls" Digital asset risks were at the bottom of the risk-weighted scale, tied to sovereign rating downgrades and just slightly above political uncertainty and the threat of terrorism. Cryptocurrencies currently account for anywhere between 0.4% to 1% of the world's estimated $469 trillion in total financial assets, according to the report. In part, the report attributes such risk limitations to the relatively tiny foothold digital assets have on the global scale as well as their lack of integration within traditional finance. The RBI has traditionally been one of the most skeptical central banks on Source