The deputy RBI governor compares crypto with a snowball system and suggests a ban
The deputy RBI governor compares crypto with a snowball system and suggests a ban
- The deputy governor of the Indian Central Bank said that cryptocurrency was similar to a Ponzi scheme
- He also said that crypto was only an application in blockchain technology and that a ban would not impair the innovation
cryptocurrencies are similar to snowball systems and, according to the deputy governor of the Indian central bank, have no inner value.
t. Rabi Sankar, who spoke on Monday at the 17th annual Banking Technology Conference of Indian Banks Association, said that cryptocurrencies had no place in India's economy and presented Significant risks for the financial stability.
"All of these factors lead to the conclusion that the ban on cryptocurrency may be the most councilest choice for India," said Sankar. "We checked the arguments of the supporters of regulating cryptocurrencies and found that none of them withstand a fundamental examination." The deputy governor said that the argument made by enthusiasts, including the use of crypto as a value preservationist or exchange - and that they should be regulated as such - did not withstand a "basic test". He also said that he did not accept the argument that Krypto had promoted the development of blockchain technology. "Even in the event of a private authentication through consensus mechanisms, accounts can be conducted and rewards are awarded in any legal payment currency," said Sankar. "In other words, the creation of native cryptocurrencies is only one way to implement a blockchain; it can only be seen as an application in blockchain technology." said that those who argued that a ban on crypto would restrict innovation in the blockchain, similar to the conclusion that a ban on nuclear weapons would harm progress in nuclear physics. While Sankar's comments are not surprising, the rhetoric fluctuating back and forth for the crypto regulation of India's political decision-makers led to a dizzying attitude after a patchwork of ad hoc laws that temporarily allowed private cryptos to act as digital assets, while others acted banned Them. The lack of a uniform front on the subject of crypto has uncovered fragmentation among the country's political decision -makers in the question of how the aspiring asset class should best be monitored. At the beginning of this month, India's Finance Minister Nirmala Sitharaman applied for the introduction of a 30 percent tax on income from crypto wins, which raised hopes for the legitimacy of crypto as an asset class. Last week Sitharaman dropped the expectations that she did not meet. href = "https://timesofindia.indiattimes.com/business/taxing-crypto-doesnt-mean-it-is-sleised-fm/articleshow/89514617.cms"> everything to legalize or forbid it, like Krypto in India would be regulated in the hover. href = "https://timesofindia.indiattimes.com/business/taxing-crypto-doesnt-mean-it-is-is-fleised-fm/articleshow/89514617.cms"> Contribution
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The deputy RBI-Gouvenur compares Krypto with a snowball system and suggests a ban on no financial advice.
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