The head of the Reserve Bank of India (RBI), India’s central bank, has warned that cryptocurrencies could potentially cause the next financial crisis.

The RBI head stated that the lack of regulation and oversight in the cryptocurrency market, coupled with its extreme volatility, make it a risky and unreliable investment. The head also expressed concern about the use of cryptocurrencies for illegal activities, such as money laundering and financing terrorism. The RBI has previously issued warnings about the risks of investing in cryptocurrencies, and has even banned banks from providing services to cryptocurrency exchanges in the past. Despite these warnings, the popularity of cryptocurrencies continues to grow, with more and more people buying and trading them. It remains to be seen whether the potential risks of cryptocurrencies will ultimately outweigh their potential benefits.