(Bloomberg) — India’s central bank Governor Shaktikanta Das, a long-time opponent of cryptocurrencies, launched another broadside against digital tokens, saying they have no underlying value and are a threat to financial stability.

“Investors in cryptocurrency should keep in mind that they are investing at their own risk,” the Reserve Bank of India chief said Thursday. “They should also keep in mind that the cryptocurrency has no underlying, not even a tulip.”

Governor Das’s comments come days after the Indian government removed uncertainty about the legal status of crypto trading. The federal budget speech of Finance Minister Nirmala Sitharaman on February 1 announced high taxes to such transactions. This effectively treats them like winnings from gambling activities that, although not recommended, are legal. The regulations are still being developed.

Private digital currencies have been strongly opposed by the RBI. Given cryptocurrencies are designed to be traded freely and anonymously, the central bank is worried about capital controls, especially as it has a tight grip over the partially-convertible Indian rupee. There have been concerns raised about money laundering, terrorism financing and other issues.

“Private crypto currency or whatever name you call is a big threat to our macroeconomic stability and financial stability,” Das said. 

Although Das refused to provide a time frame, the RBI is working on its digital rupee. This will help mitigate some of the impacts from cryptocurrency. Sitharaman stated in the budget that a digital currency for central banks would be available by April 1, the beginning of the financial year.

“We are making progress on CBDCs after carefully, cautiously examining it because there are risks,” he said. “The biggest risk is of cybersecurity and possibility of counterfeiting. We should absolutely prevent that.”

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