Reserve Bank of India (RBI) Deputy Governor T Ravi Shankar on Monday advocated a ban on cryptocurrency, saying that it is worse than Ponzi schemes. He said that this threatens the financial sovereignty of the country.
Reserve Bank of India (RBI) deputy governor T Ravi Shankar on Monday advocated a ban on cryptocurrency, saying it is worse than Ponzi schemes. He said that this threatens the financial sovereignty of the country. Shankar said that crypto technology is based on the philosophy of avoiding government control, it has been specially developed to bypass the regulated financial system.
Better to ban crypto currency
He said that cryptocurrencies can destroy the ability of the monetary system, monetary authority, bank system and the government in general to control the economy. “Looking at all these factors, it can be concluded that banning cryptocurrencies is probably the most appropriate option for India,” Shankar said while addressing the Indian Banks Association’s 17th Annual Bank Technology Conference and Awards Ceremony.
Threatened to the security of the country
Even before this, RBI has spoken against legalizing cryptocurrencies. It has been said on behalf of the central bank that recognizing it will pose a threat to the security of the country. Apart from this, it is also not good for economic and financial stability.
