The deputy governor of the Reserve Bank of India (RBI) said on Monday that cryptocurrencies are akin to a Ponzi scheme or worse, and that banning them is the smartest option for India.
“We also saw that cryptocurrencies cannot be defined as currencies, assets or commodities; they have no underlying cash flow and no intrinsic value; they are similar to Ponzi schemes, and possibly worse,” Rabbi Sankar said in his speech Say.
“All these factors lead to the conclusion that banning cryptocurrencies may be the wisest option for India to open up.”
Last week, Reserve Bank of India Governor Shaktikanta Das also issued a stark warning about investing in cryptocurrencies, saying they lack even the underlying value of tulips — a reference to the speculative bubble that gripped the Netherlands in the 17th century.
Complete News Source : The Hindu
