“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.
The bank wanting to protect people’s money is the funniest shit ever
Reads as: Please keep your money in our dirty fiat before OUR Ponzi scheme collapses.
Same shit JPMorgan was saying back in 2017 & now they’ve done a 180. This fool will be eating his words eventually.
Banks afraid of Cryptocurrencies.😄🤔
Tell me something new
Governments only want people using their ponzi schemes.
Gotta love when politicians say that sort of cr*p and proceed to steal taxes from the population
Yea Sure 6%….
Ethereum has cash flows. [Ethereum is on track to have revenues in May 2021 of $956 million](https://www.theblockcrypto.com/data/on-chain-metrics/ethereum) and has annualized revenues of $11.5 billion and growing.
Every Ethereum transaction creates revenues that will flow directly to users who are staking rewards or indirectly (via token burns which reduce supply and operate like stock buybacks).
The same can be said for any other network with gas fees, including Bitcoin.
Gov: We are a free market.
People: So, I can use crypto.
Gov: No but we are a free market.
You know someone’s a complete moron when they compare crypto to a ponzi scheme.
Do they even know and understand what a ponzi scheme is?
But we have dog and cat coins. I think we also have some cow coins
All the system is a pyramid scheme, not surprised that the people on top of the pyramid defends their shitty system.
Did he say that while he was on his yacht, sipping on his 20k$ worth champagne?
Well I’m an NRI who’s money got locked up for no reason
India akin to fascist dictatorship, banking system might as well be terrorism
The shitting streets of mumbai. Where poo coins are minted.
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It’s a good thing India is concerned about crypto. I guess they don’t have that many problems in the country so they can focus in this /s