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