“We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse,” T. Rabi Sankar said in a speech.
The Deputy director doesn’t know the how the valuations work, I don’t know.
Last week, RBI Governor Shaktikanta Das also delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip – in a reference to a speculative bubble that gripped the Netherlands in the 17th century.
As for the inflation India’s retail inflation accelerated past the 6% mark in January to hit 6.01%, breaching the central bank’s tolerance threshold for consumer price inflation for the first time since June 2021. Retail inflation was 5.66% in December 2021.
Reserve Bank of India Governor Shaktikanta Das said the 6% inflation print should not cause concern or trigger any alarm, because the central bank has already taken its prospect into consideration. The Consumer Food Price Index spiked significantly from 4.05% in December to 5.43% in January, with rural India again reporting a sharper rise.
Draw your conclusions, the data speaks for itself.