Shri T Rabi Shankar, Deputy Governor, RBI in his speech said that Cryptocurrencies have specifically been developed to bypass the regulated financial system. He also stated in detail why crypto is not to be considered as a currency, asset or commodity. He further contended that crypto has no underlying cash flows, they have no intrinsic value. He even compared crypto with Ponzi Schemes and pressurized that banning cryptocurrency is the most advisable choice India can make.Shri T Rabi Shankar, Deputy Governor, RBI in his speech said that Cryptocurrencies have specifically been developed to bypass the regulated financial system. He also stated in detail why crypto is not to be considered as a currency, asset or commodity. He further contended that crypto has no underlying cash flows, they have no intrinsic value. He even compared crypto with Ponzi Schemes and pressurized that banning cryptocurrency is the most advisable choice India can make.taxmann.com NewsRead More
