Banning cryptocurrency is probably essentially the most advisable selection for India, mentioned the RBI deputy.
Mumbai:
Cryptocurrencies are akin to Ponzi schemes and even worse and banning these is essentially the most smart possibility for India, the Reserve Financial institution of India’s deputy governor mentioned on Monday.
“We now have additionally seen that cryptocurrencies are usually not amenable to definition as a forex, asset or commodity; they don’t have any underlying money flows, they don’t have any intrinsic worth; that they’re akin to Ponzi schemes, and could also be even be worse,” T Rabi Sankar mentioned in a speech.
“All these components result in the conclusion that banning cryptocurrency is probably essentially the most advisable selection open to India,” he added.
The nation’s central financial institution chief final week delivered a stark warning in opposition to investing in cryptocurrencies, saying they lacked the underlying worth of even a tulip – in a reference to a speculative bubble that gripped the Netherlands within the seventeenth century.
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