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The system of money-laundering was efficient and discreet, but it did not destabilise the financial system. But when the carriers are not refugees, the object of countertrade is not physically traceable, and the sheer volume of such transactions can challenge ‘macroeconomic and financial stability’, such a system is a cause for concern. This is the view of Shaktikanta Das vis-à-vis private cryptocurrencies. And the Reserve Bank of India (RBI) governor is right. Ever since March 4, 2020, when the Supreme Court showed an injudicious haste in striking down RBI’s April 2018 circular that prohibited regulated banks from dealing with cryptocurrency transactions, the industry has taken it upon itself to grow at a frenetic pace. 

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