In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention.
RBI Governor Shaktikanta Das on Thursday described cryptocurrencies as "clear danger" and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.
Though the government has yet to confirm whether and how it will allow cryptocurrencies, sources for long have said that cryptocurrencies will be treated as a digital asset.
The RBI has been examining use cases and working out a phased implementation strategy for the introduction of a Central Bank Digital Currency with little or no disruption.
More than half of the people surveyed in India are against legalizing cryptocurrencies, according to an opinion poll published on Wednesday, just as the government proposed a law to regulate their use and to create an official digital coin.