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'Banning Cryptocurrencies Most Sensible Option': RBI Deputy Governor

Cryptocurrencies are “akin to Ponzi schemes, and could also be even be worse,” mentioned the RBI deputy.

Mumbai:

Cryptocurrencies are akin to Ponzi schemes and even worse and banning these is probably the most wise choice for India, the Reserve Financial institution of India’s deputy governor mentioned on Monday.

“We’ve got additionally seen that cryptocurrencies usually are not amenable to definition as a foreign money, asset or commodity; they haven’t any underlying money flows, they haven’t 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 probably the most advisable selection open to India,” he added.

The nation’s central financial institution chief final week delivered a stark warning towards 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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