RBI Deputy Governor: Cryptocurrencies are not currencies nor financial assets or physical assets

Rabi Sankar, deputy governor of the Reserve Bank of India, said in a keynote speech on Feb. 14 that banning, rather than regulating, cryptocurrencies would be “the wisest choice” for the Indian government, saying: “Cryptocurrencies cannot be defined as currencies, assets or Commodities, cryptocurrencies are not currencies, nor are they financial assets or physical assets, not even digital assets, so cryptocurrencies cannot be regulated by any financial sector regulator.” Rabi Sankar also noted that allowing cryptocurrencies to exist in fiat-dominated The ecosystem "is bound to have destabilizing effects on a country's monetary and fiscal stability."