The federal government says banning cryptocurrency would be the right move Deputy Governor of the Reserve Bank T. Rabi Shankar advised.
Already Reserve Bank Governor Shaktikantha Das Speaking at the launch of monetary policy last week, he said, “Private cryptocurrencies pose a threat to the financial stability of the country. Investors need to be careful and invest in realizing that they are doing it at their own risk. And they need to realize that cryptocurrencies alone have no fundamental value.”
In this context, the Deputy Governor of the Reserve Bank has expressed the same view. He said yesterday, “Cryptocurrencies are the equivalent of Ponzi schemes. It is a prudent opportunity for India to ban them. Cryptocurrencies are virtual currencies. They are neither property nor money. They have no intrinsic value. That is why it is worse than Ponzi schemes.” I say that. “
What is the Ponzi scheme? It is a plan run by an individual or a financial institution in the name of a savings plan. The operator does not return the money from his profits to the participants, but refunds the amount received from another person. For this small, new investors will be inspired by saying words of desire. Along with this is the cryptocurrency program Deputy Governor of the Reserve Bank Compared.
Like tulip bile .. Last week Reserve Bank Governor Shaktikantha Das He compared cryptocurrencies to the tulip madness of the Netherlands. In the early 17th century, tulips became an important part of the Dutch economy. Speculation was made on this. Behind this ran the rich Dutch. At one point the illusion created by the tulip market subsided. It was only later that people realized that tulips actually had no intrinsic value in the market. Compare this Shaktikantha Das Cryptocurrency is also said to be similar to the tulip market.
The federal government is constantly clarifying its position on cryptocurrencies. Do not trust private cryptocurrencies, Reserve Bank Has said it will bring digital currency through.