Featured

Banning Cryptocurrencies Most Advisable Solution: RBI Deputy Governor

By
OB Bureau

New Delhi: Reserve Bank of India (RBI) deputy governor T Rabi Sankar said on Monday that banning cryptocurrency is perhaps the most advisable choice open to India.

“We have examined the arguments proffered by those advocating that cryptocurrencies should be regulated and found that none of them stands up to basic scrutiny,” ANI quoted Sankar as saying.

Equating cryptocurrencies with ponzi schemes, the deputy governor said: “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 even be worse.”

RBI governor Shaktikanta Das had said a few days earlier that cryptocurrencies were a threat to macroeconomy and financial stability.

Union Finance minister Nirmala Sitharaman reiterated on Monday that discussions on private cryptocurrencies and a central bank-backed digital currency are underway and any decision will be taken after due deliberations, PTI reported.

Sitharaman had announced a 30% tax on cryptocurrency transactions during her Budget speech on February 1, adding that RBI will issue its own digital currency next year.

OB Bureau

Recent Posts

Odisha Activists Rescue 20-Yr-Old Married Woman Trafficked To Maharashtra, Raped For 14 Days

Bhubaneswar: A 20-year-old married woman, allegedly kidnapped from Odisha's Nabarangpur and then raped, and held…

November 24, 2024

India Counted 640 Million Votes In A Day, California Still Counting: Elon Musk Takes Jibe At US Poll Process

New York: Slamming the prolonged delays in some parts of United States, Elon Musk on…

November 24, 2024

17-Yr-Old Bangladeshi Girl ‘Trafficked’ To Odisha Rescued From Cuttack City

Cuttack: Madhupatana Police recently rescued a 17-year-old Bangladeshi girl, a suspected victim of trafficking and…

November 24, 2024

After Mahayuti’s Mahavijay, Who Will Be Maharashtra’s New CM? Here’s What Devendra Fadnavis & Eknath Shinde Said

Mumbai: With the Bharatiya Janata Party (BJP), Shiv Sena and the NCP alliance emerging victorious in…

November 24, 2024

Driver Burnt Alive As Container Catches Fire Near Laxmannath Toll Plaza In Odisha

Balasore: The driver of a container truck was charred to death after the vehicle caught…

November 24, 2024

80 Arrested In Massive Crackdown On Illegal Gambling In Odisha’s Nuapada

Nuapada: At least 80 people were arrested during a massive crackdown on illegal gambling activities…

November 24, 2024

IAS Reshuffle In Odisha: Sudhansu Samal Appointed OMC MD, Yamini Sarangi As Commercial Taxes & GST Commissioner

Bhubaneswar: The Odisha government has transferred Special Secretary, Planning and Convergence, Chitra Arumugam and posted…

November 24, 2024

Clash Erupts In Uttar Pradesh’s Sambhal During Official Survey Of Mosque Following Court Order

Sambhal: A violent clash erupted in Uttar Pradesh’s Sambhal on Sunday after a group opposed…

November 24, 2024