ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2022-06-28  |  UPDATED: 1400/12/03 - 17:55:1 FA | AR | PS | EN
Russia says íopen to diplomacyí over Ukraine, defends recognition of breakaway regions             Pakistan steps up military operation along Durand Line             Ghani Removed From UN Heads of State List             President Lukashenko: Belarus may purchase Russian S-400 missile systems             Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sideís standing             Police throng Ottawa streets in preparation for crackdown on protests            Taliban Delegation Returns to Kabul from Doha             US General: Daesh ďConcerns Us in AfghanistanĒ             Afghan Women Criticize Bidenís Afghan Assets Decision             Afghan U19 Futsal Team Beats Uzbekistan 8-1             ĎNazi saluteí shakes up EU parliament             NY attorney general fires back at Trumpís defense of financial statements             Ethnic Russians in eastern Ukraine say attacked by govt. forces             NJ police cuff Black teen in fight as white teen watches showdown             US sends F-35 jets to Germany amid rising tensions in Eastern Europe            


DATE PUBLISHED: 1400/11/27 - 13:52:1
VISIT: 3550
SHARE WITH YOUR FRIENDS

Central bank calls on India to ban cryptocurrency


© Getty Images / Westend61

The deputy governor of the Reserve Bank of India compared digital currencies to a Ponzi scheme

T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), advised the Indian government to ban cryptocurrencies on Monday - comparing digital currencies to Ponzi schemes and branding them a threat to control of the economy.

In a speech to the Indian Banks Association, Sankar warned that cryptocurrencies "threaten the financial sovereignty of a country and make it susceptible to strategic manipulation by private corporates creating these currencies or governments that control them."

All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India

Arguing that cryptocurrencies "have no intrinsic value," Sankar claimed they are "akin to Ponzi Schemes, and may even be worse," and said that the technologyís philosophy to "bypass the regulated financial system" should "be reason enough to treat them with caution."

Sankar also accused cryptocurrencies of "at least potentially" facilitating "anti-social activities," and warned that they would "wreck the currency system, the monetary authority, the banking system, and in general governmentís ability to control the economy" if left to continue.

India has the highest number of cryptocurrency owners in the world at more than 100 million, or roughly 7.3% of the countryís population, according to cryptocurrency payments service TripleA.

Several countries already have bans on cryptocurrency, including Egypt, Morocco, Iraq, and China.

Earlier this month, Indian Finance Secretary T V Somanathan vowed that cryptocurrency would "never be a legal tender" in India, unlike El Salvador, which became the first country in the world to make Bitcoin legal tender last year.

"Legal tender means by law it is accepted in settlement of debts. India will not be making any crypto asset as a legal tender," he said, concluding that only the Indian rupee would be legal tender in India.

 

LINK: https://www.ansarpress.com/english/26845


TAGS:






*
*

*



SEE ALSO

EU to deliver Є500 million to Afghan people


South Korea may punish Tesla


Imran Khan pledges more development help to Afghanistan


Afghanistanís Central Bank slates US plan for frozen funds


India, WFP signs MoU to distribute food grains in Afghanistan


Central Bank: UN Provided $3.1M Cash Aid in Past 3 Months


UK house prices rise at slowest pace as purchase power at historic low, report


Mujahid Denies Claim of Central Bankís Inability to Convert USD


Iran increases gas supply to Turkey, pipeline repairs postponed: Report


BoE raises interest rates as inflation soars across UK





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Ukraine considering cutting ties with Russia

Russia says íopen to diplomacyí over Ukraine, defends recognition of breakaway regions

Pakistan steps up military operation along Durand Line

Ghani Removed From UN Heads of State List

President Lukashenko: Belarus may purchase Russian S-400 missile systems

Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sideís standing

Police throng Ottawa streets in preparation for crackdown on protests

Taliban Delegation Returns to Kabul from Doha

US General: Daesh ďConcerns Us in AfghanistanĒ

Afghan Women Criticize Bidenís Afghan Assets Decision

Afghan U19 Futsal Team Beats Uzbekistan 8-1

ĎNazi saluteí shakes up EU parliament

NY attorney general fires back at Trumpís defense of financial statements

Ethnic Russians in eastern Ukraine say attacked by govt. forces

NJ police cuff Black teen in fight as white teen watches showdown

US sends F-35 jets to Germany amid rising tensions in Eastern Europe

Talks on Outsourced Airport Operations Still Ongoing: Ministry

EU to deliver Є500 million to Afghan people

Atmarís Letter to UN Regarding Afghan Mission Denied: Faiq

Afghan Embassy in US Facing Financial Problems

Karzai: Afghan Girls íMust Definitelyí Return to School

US support for the Taliban/ US supports no armed movement against Afghan government: Envoy

South Korea may punish Tesla

Central bank calls on India to ban cryptocurrency

Three women will host this yearís Oscars, while ratings continue to plummet

Western leaders should see doctor over Ukraine Ďparanoiaí, says Russian envoy

GOP boycotts Biden Fed nomineesí vote as bank fights inflation

Europe pledges $11 M to Afghanistanís educational sector

Four dead, 17 missing as Spain trawler sinks off Canada

Putin: Russia does not want war, ready to continue security talks with West

Indiaís hijab row spreads to its most populous state

Israel trying to sabotage Vienna process as talks enter sensitive stage: Report

Kremlin: US talk of imminent Ukraine invasion Ďbaseless hysteriaí

Moderate Democrats fear party infighting could cost them Congress

NBA: Chicago Bulls 120-109 San Antonio Spurs

Afghan Delegates Meet EU Envoys in Doha

UK to Co-Host Afghan Aid Virtual Summit

Afghanistan U19 Futsal Team Beats Tajikistan

Pakistan denies ISI chief meeting Afghan Jihadi leaders in Turkey

IRC urges US, Europe to reset their policies towards Afghanistan before humanitarian crisis kills more Afghans


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š