Cryptocurrencies akin to Ponzi schemes, says RBI deputy

FILE PHOTO: Representations of virtual cryptocurrencies are seen in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/File Photo

MUMBAI (Reuters) -Cryptocurrencies are akin to Ponzi schemes or worse and banning them is the most sensible option for India to avoid the threat they pose to financial and macroeconomic stability, a deputy governor at the Reserve Bank of India (RBI) said on Monday.

Monday's comments from T. Rabi Sankar followed a similarly withering assessment of digital currencies by RBI Governor Shaktikanta Das only days after the Indian government established a taxation framework for cryptocurrencies.