MUMBAI (Reuters) – Cryptocurrencies are akin to Ponzi schemes and even worse and banning these is probably the most smart possibility for India, the Reserve Bank of India’s deputy govenor mentioned on Monday.
“We have additionally seen that cryptocurrencies usually are not amenable to definition as a forex, 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 lead to the conclusion that banning cryptocurrency is probably probably the most advisable selection open to India.”
India’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.
(Reporting by Swati Bhat and Nupur Anand; Editing by David Goodman)
