Strongly advocating for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Shankar on Monday said they are worse than Ponzi schemes and threaten the financial sovereignty of the country.
Noting that crypto-technology is based on a philosophy to avoid government control, he said that they have been developed specifically to bypass the regulated financial system.
More significantly, he said, cryptocurrencies can ruin the ability of the monetary system, the monetary authority, the banking system, and the government in general to control the economy.
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