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Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism

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In its latest financial stability report published on Thursday, the Reserve Bank of India, or RBI, reiterated its skepticism of digital assets, writing: The report alleged that decentralized cryptocurrencies "are designed to bypass the financial system and all its controls," including anti-money laundering, combatting financial terrorism, and know-your-customer mechanisms.

In a similar tone to the previous report, the RBI says that private currencies often result in instability over time and undermine sovereign control over the money supply.

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