August 13, 2022

Cryptocurrency has been likened to a Ponzi Scheme by Reserve Bank of India deputy governor Shri Rabi Sankar, who also says that they should be banned.

(Photo : Photo illustration by Edward Smith/Getty Images)
LONDON, ENGLAND – MAY 30: In this photo illustration, a visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England. Bitcoin is a decentralised digital currency, which has been in use since 2009.

ZDNet reports that the official says that the comparison he made is basically due to the nature of crypto as a whole. According to him, they’re not too different from a speculative or gambling contract working like a Ponzi scheme, the latter of which he argues is actually “better from a social perspective.”

Sankar further went on to say that a ban will be far more effective in protecting people from being scammed, compared to attempts at officially regulating digital assets. He made his claims during a recent address to the Indian Banks Association.

Despite the official’s statement, however, India remains the country with the second-highest cryptocurrency adoption rate in the world, according to Fortune. They are only dwarfed by another Asian country, Vietnam, who has been adopting crypto at a far…

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