Bitcoin (BTC): T. Rabi Sankar, vice-president of the Reserve Bank of India, called for the ban on cryptocurrencies.
Rejecting the idea of legalizing crypto, Sankar said it was the “most viable” option
“We examined the arguments put forward by those who advocate that cryptocurrencies should be regulated. We found that none of them stood up to basic scrutiny.”
While talking about private cryptocurrencies, Sankar suggested that they could be worse than Ponzi schemes.
According to Sankar, if cryptos continue to expand, the country’s financial system may suffer.
Sankar stated that crypto assets have no intrinsic value and that they facilitate “anti-social activities”.
As the government continues to work on the crypto bill, Sankar’s comments could cause a negative mood about crypto in the country.
India plans to launch its own CBDC in early 2023.