: Cryptocurrencies similar to ponzi schemes, banning them best choice for India: RBI deputy governor #IndiaNEWS Cryptocurrencies are similar to or worse than ponzi schemes and should be banned, Reserve

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Cryptocurrencies similar to ponzi schemes, banning them best choice for India: RBI deputy governor #IndiaNEWS
Cryptocurrencies are similar to or worse than ponzi schemes and should be banned, Reserve Bank of India Deputy Governor T Rabi Sankar said on Monday, Reuters reported.His statement comes just four days after Reserve Bank of India Governor Shaktikanta Das said that private cryptocurrencies are a threat to macroeconomic and financial stability.At an event organised by the Indian Banks Association, Sankar on Monday said that cryptocurrencies lack any intrinsic value or underlying cash flows and they are not amenable to being defined as a currency, asset or commodity.“Cryptocurrencies are not currencies, or financial assets or real assets or even digital assets,� Sankar said. “Therefore, it cannot be regulated by any financial sector regulator.� The deputy governor said that it is not possible to regulate something that cannot be defined.“All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India,� the official said. He noted that cryptocurrencies are anonymous, decentralised systems and said that this makes them attractive for illegal transactions.“We have seen that crypto-technology is underpinned by a philosophy to evade government controls,� Sankar said, according to ANI. “Cryptocurrencies have been specifically developed to bypass the regulated financial system. These should be reason enough to treat them with caution.�Sankar said that blockchain technology, which underpins...Read more

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