Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Friday said cryptocurrency is not really a currency because it does not have the basic features of money. He described it as ‘just a piece of code,’ which is not even a financial asset or any kind of asset at all.

Speaking at the Mint Annual BFSI Conclave 2025, Rabi Sankar explained why these tokens don't qualify as money. “Cryptocurrencies have no intrinsic value. They are not backed by a promise to pay, and they have no issuer. Their value is purely speculative,” he said.

Currency or deposits carry a promise from a trusted issuer, and money derives its credibility from the sovereign that backs its value. The fundamental challenge with cryptocurrencies is that they claim to redefine the very nature of money, yet represent no u

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