Cryptocurrencies “are akin to Ponzi schemes, and may even be worse,” said the RBI deputy governor who favors a ban on crypto. cryptocurrency bitcoin
RBI Deputy Governor: Banning Crypto Is 'Most Advisable' for India, Regulation Is 'Futile'
They have no underlying cash flows, they have no intrinsic value … they are akin to Ponzi schemes, and may even be worse. Regarding the purpose of cryptocurrency, Sankar believes, “The class of crypto products are fundamentally designed to bypass the established financial system, and on a larger scale government itself.”
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