Cryptocurrencies threaten financial sovereignty, need to be banned: RBI deputy governor

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MUMBAI: Making a strong case for banning cryptocurrencies, Reserve Bank deputy governor T Rabi Sankar on Monday said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country.
Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system.
More substantially, he added, cryptocurrencies can wreck the currency system, monetary authority, banking system, and in general the government’s ability to control the economy.
“All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India,” Sankar said while delivering a keynote address at the Indian Banks Association 17th Annual Banking Technology Conference and Awards.
The deputy governor said crypto-technology is underpinned by a…

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