Cryptocurrencies are akin to Ponzi schemes or even worse and banning these is the most sensible option for India, the Reserve Bank of India's deputy governor said on Monday.
"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 may be even be worse," T Rabi Sankar said in a speech.
"All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India," he added.
The country's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century.
-
-
AI Can Be Intelligent Without Being Conscious: Swami Sarvapriyananda -
Nikhil Kamath On Marriage, Kids And Why He Avoids 'Certainty' -
What India Can Learn From China's AI Ecosystem: Nikhil Kamath Explains -
Can Code Be Conscious? Rethinking The Mind In The Age Of AI | Swami Sarvapriyananda Interview -
Nikhil Kamath On What Indian Entrepreneurs Can Learn From 'Tech Bros' In West -
'More Than Healthcare, Human Care Matters': Lilavati Trustee Rajiv Mehta -
Africa50's Principal Investment Fund CEO On India's Role In Developing Africa -
CBDCs Will Transform Global Trade And Payments In The Next 5 Years: CoinSwitch CEO -
'India Will Be The Jeweller To The World': World Gold Council's Sachin Jain At NDTV World Summit -
AI Could Be Humanity's 4th Great Humiliation, Says Swami Sarvapriyananda
Track Latest News Live on NDTV.com and get news updates from India and around the world
