RBI Crypto News

RBI warns about the “Dollarization of Economy” because of cryptocurrencies

Officials from the Reserve Bank of India (RBI) have warned about the risk of dollarization of the economy. The risk is posed by cryptocurrencies. The reason behind this is that most cryptocurrencies are denominated in dollar values. The officials also said that cryptocurrencies could act as a medium of exchange. This could replace INR (Indian National Rupee).