Cryptos have no underlying asset, not even a tulip: Das

RBI governor Shaktikanta Das came out with strong words of caution for users of cryptocurrency, pointing out that there was no underlying value and not even a tulip flower. He was referring to the 17th-century Tulip mania which has since become a byword for speculative bubbles. “Our position is very clear: Private cryptocurrency, or whatever you may call it, is a big risk to financial stability and macroeconomic stability. Private cryptocurrencies will undermine RBI’s ability to deal with issues relatingto finance,” Das said in his post policy interaction with the media. “The investors in cryptocurrency need to keep in mind that whatever they are investing is at their own risk. There is no underlying to cryptocurrency, not even a tulip,” Das added.