India, June 6 -- Reserve Bank of India (RBI) Governor Sanjay Malhotra said on June 6 that cryptocurrencies may affect the country's financial stability.

Malhotra was replying to a question at a media interaction after his RBI Monetary Policy Committee review speech, news agency PTI reported.

"There is no new development as far as crypto is concerned. A committee of the government is looking into this. As you are aware, we are concerned about crypto because that can hamper the financial stability and the monetary policy," he said.

Malhotra was speaking about the developments on the heels of the Supreme Court's observation on cryptocurrency last month. The apex court questioned the government's delay in formulating crypto regulations.

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