Tuesday, September 27, 2022
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Cryptocurrencies are similar to Ponzi schemes, according to RBI Deputy Governor T. Rabi Sankar

According to T. Rabi Shankar, one of the three deputy governors of the Reserve Bank of India (RBI), cryptocurrencies are similar to Ponzi schemes or worse. In his opinion, banning them is the best option for India to avoid the threat they represent to financial and macroeconomic stability. Rabi Sankar’s comments on Monday followed a similarly withering assessment of digital currencies by RBI Governor Shaktikanta Das, just days after the Indian government established a cryptocurrency taxation system.

Crypto exchanges and investors have argued for cryptocurrency regulation as an asset, and the government’s recent budget proposal to tax profits from these has raised hopes that they would not be banned.

Sankar, on the other hand, criticised the idea of regulating these highly volatile virtual coins and instead called for an outright ban. He also stated that cryptocurrencies were created to bypass the regulated financial system, and he does not agree with the argument that cryptocurrencies must be authorised in order for blockchain technology development.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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