By Swati Bhat and Siddhi Nayak

MUMBAI (Reuters) – India’s central bank chief on Wednesday warned that the next financial crisis will come from private cryptocurrencies adding that he still holds the view that cryptocurrencies should be prohibited.

Reserve Bank of India governor Shaktikanta Das also added that cryptocurrencies have no underlying value and pose risks for macroeconomic and financial stability.

“Cryptocurrencies have… huge inherent risks for our macroeconomic and financial stability,” Shaktikanta Das said at an event. “It [private cryptocurrency trade] is a hundred percent speculative activity, and I would still hold the view that it should be prohibited … because, if it is allowed to grow, if you try to regulate it and allow it to grow, please mark my words, the next financial crisis will come from private cryptocurrencies”.