T. Rabi Sankar, vice-president of the Central Bank of India, called for the ban on cryptocurrencies.
Rejecting the idea of legalizing crypto, Sankar said it was the “most appropriate” option
“We examined the arguments put forward by those who advocated regulation of cryptocurrencies. We found that none of them stood up to fundamental scrutiny”
When speaking of 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 cryptoassets have no intrinsic value and that they facilitate “anti-social activities”.
As the government continues to work on the crypto draft, Sankar’s comments could create a negative mood about crypto in the country.
India plans to launch its own CBDC in early 2023.
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