India & cryptocurrency

From The Register:

India’s Reserve Bank has offered a scathing assessment of cryptocurrencies in its latest financial stability report – saying the risks they create demand attention before they undermine established institutions.

“Cryptocurrencies are a clear danger,” the report baldly declares in its Foreword, penned by Reserve Bank governor Shaktikanta Das. “Anything that derives value based on make believe, without any underlying [value], is just speculation under a sophisticated name.”

Once, this might have appeared as reactionary. Increasingly it looks like plain commons sense.