Cryptocurrencies akin to Ponzi schemes, Should be banned: RBI deputy governor

  • Reserve Bank of India Deputy Governor T Rabi Sankar called for an outright ban on cryptocurrencies in the country.
  • He further said that cryptocurrencies have specifically been developed to bypass the regulated financial system and it is akin to or even worse than Ponzi schemes.

“They threaten the financial sovereignty of a country and make it susceptible to strategic manipulation by private corporates creating these currencies or Governments that control them. All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India,” the RBI Deputy Governor added.