-: FOLLOW US :- @theinsaneapp
India's central bank has reaffirmed its policy of banning cryptocurrencies such as bitcoin and the ether.
-: FOLLOW US :- @theinsaneapp
The Governor of the Reserve Bank of India (RBI) described cryptocurrency trading as gambling.
-: FOLLOW US :- @theinsaneapp
He warned that crypto “will undermine the authority of the RBI and lead to the dollarization of the economy.”
-: FOLLOW US :- @theinsaneapp
"Some people call cryptocurrency an asset, some call it a financial product, but every asset or financial product needs to have an underlying value. But cryptocurrency does not have any underlying value," he said.
-: FOLLOW US :- @theinsaneapp
“Anything whose valuation is dependent entirely on make-believe is nothing but 100% speculation, or to put it bluntly, it is gambling,” the RBI chief stressed.
-: FOLLOW US :- @theinsaneapp
“In our country, we don’t allow gambling. If you want to allow gambling, treat it as gambling and lay down the rules.”
-: FOLLOW US :- @theinsaneapp
"Cryptocurrency masquerading as a financial product or a financial asset is a completely misplaced argument," he said.
-: FOLLOW US :- @theinsaneapp
"The Reserve Bank, being the monetary authority of the country as the central bank, will lose control over the money supply in the economy," he said.
-: FOLLOW US :- @theinsaneapp
"It will undermine the authority of the RBI and lead to the dollarisation of the economy," he cautioned.