News > Banning Cryptocurrencies Most Advisable Choice For India: RBI

Banning Cryptocurrencies Most Advisable Choice For India: RBI

15/02/2022 11:43 AM | Click to read full article

Cryptocurrencies are like Ponzi schemes, "may be even worse", said Reserve Bank of India deputy governor T Rabi Sankar, arguing that banning these tokens may be the "most advisable choice open to India".

"They threaten the financial sovereignty of a country and make it susceptible to strategic manipulation by private corporates creating these currencies or governments that control them," said the deputy governor.