“Cryptocurrencies are a Ponzi scheme”

 

Just recently, Indian Finance Minister Sitharaman signaled the green light for the legalization of cryptocurrencies. T. Rabi Sankar, countered at a banking conference: Cryptocurrencies are a Ponzi scheme and have no intrinsic value, said the Deputy Governor of the Central Bank of India.

T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), explained during a banking conference that cryptocurrencies are a Ponzi scheme, Bloomberg reported.

Sankar warned the government of consequences for the country's financial sovereignty.

“We also saw that cryptocurrencies cannot be defined as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; they are similar to Ponzi schemes and maybe even worse,” said Sankar.

Ponzi schemes or pyramid schemes are characterized by the fact that investors’ returns are secured by capital inflows from new investors until the inflow stops and the system collapses.

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