India Should Ban Cryptocurrencies, Says RBI Deputy

India should ban cryptocurrencies as they are related to Ponzi schemes or worse and they pose a threat to financial and macroeconomic stability, a deputy governor at the Reserve Bank of India (RBI) said.

“We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and maybe even be worse,” T. Rabi Sankar said in a speech.
Sankar’s comments have come after the Indian government established a taxation framework for cryptocurrencies.
On February 1, 2022, India decided to …

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