Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday reiterated his concerns over the financial instability such investments could cause and stated that the government was actively considering its recommendations.

“People are doing a certain activity; as a central bank we have serious concerns from the macroeconomic and financial stability points of view,” the Economic Times quoted Das as saying while speaking to a financial publication. “We have given our detailed suggestions to the government on dealing with the issue. As far as I know, the matter is under active consideration of the government and it will decide.”

The governor said the superficial demand and publicised interest in cryptocurrencies are likely exaggerated, and potentially a marketing ploy to lure more people to the new asset class, which has not yet been approved by the central bank. 

“In terms of the amount that has been invested, it’s definitely growing and anecdotally we hear so many things,” he added. “But I am not so sure about the numbers that are being quoted. Because, whatever information we have, with a reasonable amount of confidence I can say that the number of participants in the crypto market seems exaggerated.”

According to the ET report, majority of the crypto investors, have invested between Rs 1,000 and Rs 3,000. Perhaps there is an effort to enroll as many people as possible, Das added.

According to an earlier ET report dated November 1, in the past few months, Indian investments in cryptocurrencies hit the $10 billion mark. Currently, around 105 million citizens, or 7.9% of Indians, have invested in cryptocurrencies through Indian exchanges, the publication mentioned citing data compiled by CREBACO, a research firm.