India’s Reserve Bank deputy governor calls for crypto ban


The deputy governor of the Reserve Bank of India, T Rabi Sankar, has delivered an extremely unflattering assessment of cryptocurrencies – worse than Ponzi schemes, wreckers of economies, and richly deserving of a ban within India.

Speaking at the Indian Banks’ Association’s 17th Annual Banking Technology Conference, Sankar argued that cryptocurrencies are poorly named, as unlike fiat currencies they “do not have an issuer, they are not an instrument of debt, nor commodities, nor do they have any intrinsic value.”

He also dismissed cryptocurrencies as a financial asset, arguing that “financial assets have underlying cash flows and need to be some person’s liability.” Cryptocurrencies have neither cashflow and create no liability.

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