Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), has taken a stance against cryptocurrencies, arguing that cryptocurrencies will destabilize the country’s fiat currency, the rupee.
Sankar, vice president of RBI, on February 14In his talk to e, he compared cryptocurrencies to ponzi schemes and Prohibition rather than regulation makes more sense for the government of India Said it would be.
in conversation also Stating that cryptocurrencies are not suitable to be defined as assets and commodities, Sankar said,
Cryptocurrencies; currency is not a financial asset, a real asset or even a digital asset. Therefore, it cannot be regulated by any financial sector.
made statements.
Regulating crypto at some point using crypto as a currency Sankar, who thinks that it will require said. However, even if it is banned, some people still cryptocurrency trading He said he will continue to do so.
The Vice President, who thinks that allowing cryptocurrency trading in an ecosystem dominated by fiat currencies will harm monetary and financial stability, Using crypto as an investment tool more in case of can drive someone away from rupees told.
Finance Minister Nirmala Sitharaman announced on Feb. don’t make a hasty decision had said.