MUMBAI: Crypto currencies cannot be referred to as “currencies” as they have no underlying value, a central bank official said.
The Reserve Bank of India (RBI) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems.
“Crypto currencies cannot be called currencies as they don’t have any underlying value,” P Vasudevan, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here.