In India, the Reserve Bank of India (RBI) once again warned investors of the risks of private cryptocurrencies in India. Speaking at a Press meeting on the monetary policy committee outcome, Shaktikanta Das, RI governor, said, “As far as cryptocurrencies are concerned, the RBI stance is very clear. Private cryptocurrencies are a big threat to our financial and macroeconomic stability. They will undermine RBI's ability to deal with issues related to financial stability.” He also warned investors that “cryptocurrencies have no underlying (asset). Not even a tulip.” He was referring to the speculation-driven tulip mania in Europe, especially Holland, in the 17th century, which ended in a spectacular crash.