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RBI Warns Against Cryptocurrency Dominance Amid Surge In Cyberattacks

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The governor of the Reserve Bank of India, Shaktikanta Das, has cautioned against allowing cryptocurrencies to dominate the financial sector, citing their potential risks to financial stability, monetary stability, and the banking industry. He emphasized that if central banks lose control over the money supply, managing liquidity and controlling inflation during crises could become difficult. The Reserve Bank of India has been one of the earliest institutions to express serious concerns about cryptocurrencies and their impact on financial stability.