Last week, RBI Governor Shaktikanta Das also gave a stern warning against investing in cryptocurrencies.
Last week, RBI Governor Shaktikanta Das also gave a stern warning against investing in cryptocurrencies.
The Deputy Governor of the Reserve Bank of India (RBI) on Monday said that cryptocurrencies are the same or worse than Ponzi schemes and banning them is the most sensible option for India.
“We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flow, have no intrinsic value; they are similar to Ponzi schemes, and more Could be worse,” T Rabi Shankar said in a speech.
“All these factors lead to the conclusion that banning cryptocurrency is probably the most appropriate option for India.”
Last week, RBI governor Shaktikanta Das also issued a stern warning against investing in cryptocurrencies, saying they lack the inherent value of a tulip – in reference to a speculative bubble that gripped the Netherlands in the 17th century.
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