RBI Deputy Governor Compares Cryptocurrencies to Ponzi Schemes, Calls for Ban; Bitcoin up 5%

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Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar has called for an outright ban on cryptocurrencies in India, calling them a ponzi scheme, Livemint reported. He also highlighted the need to keep cryptocurrencies away from the formal financial system.

“Cryptocurrencies do not lend themselves to being defined as money, assets or commodities; they have no underlying cash flows, they have no intrinsic value; they are akin to Ponzi schemes, and may even be worse,” Sankar said at an event on Monday.

Meanwhile, the global crypto market has rallied strongly due to bargain hunters buying various cryptocurrencies at low prices. The market rose 4.68% to $1.95 trillion. Crypto trading volume also rose 15.07% to $72 billion as of 8:43 a.m., according to data from Coinmarketcap.

Bitcoin, the oldest cryptocurrency in the world, saw its prices climb 4.47% to $43,562.74.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, saw its price rise 6.37% to $3,027.10.

“Ether is trading slightly above $3,000 and other major altcoins are following a similar bullish pattern. DeFi tokens, meme coins, metaverse coins are also in the green,” says Gaurav Dahake, CEO and Founder of bitbns.

Among other major coins, Cardano (ADA) rose 5.34% to $1.08, Algorand (ALGO), known as Ethereum’s killer, rose 5.38% to $0.9254 ; its market cap was $6,128,424,032. Binance Coin (BNB) also rose 5.34% to $413.15, while Solana (SOL) rose 10.59% to $101.64 and Polkadot (DOT) 5.87% to 19, $23.

Today’s top gainer was Green Chart (GREEN) which rose 987.47% to $0.00001894. The big loser was Valentine Floki

(FLOV), which is down 63.99% at $0.000000001054.

Coins And DeFi Memes

Dogecoin (DOGE) rose 2.55% to $0.1488. Its volume to market capitalization ratio is 0.03789. Rival Shiba Inu (SHIB) also rose 4.29% to $0.00003052.

Elon Musk responded with a wink emoji to a user’s tweet, which asked that now that Tesla is accepting DOGE payments for goods, can Starlink and SpaceX also do the same.

Dogelon Mars (ELON) was trading with a gain of 3.49% at $0.0000009666. Floki Inu (FLOKI) was also up 7.4% at $0.00004015, while Samoyed Coin (SAMO) was down 0.21% at $0.02347.

In the DeFi segment, YFI (yearn.finance) was trading with a 4.43% gain at $23,713.06. While Terra (LUNA) rose 4.01% to $55.09, Avalanche (AVAX) rose 9.5% to $84.34. Uniswap (UNI) gained 7.17% to $10.97, while Aave (AAVE) climbed 6.37% to $165.76.

Latest updates

The Development Bank of Singapore (DBS) could start its retail digital asset trading desk by the end of 2022. CEO Piyush Gupta said in an interview with Coindesk that they already have the trading desk of Singapore. live digital assets with institutional clients for a year and were now trying to open this office for retail. He was quoted as saying, “We are starting initial work to expand it beyond the current investor base. Lots of work to do with relevance and anti-fraud.

Bandai Namco, the famous Japanese game developer, has become the latest entrant into the metaverse world. He announced a new intellectual property (IP) called “Metaverse IP” with an initial investment of $130 million. Not only that, he also talked about his strategy for the next three years, which they call “IP axis strategy”. “On an IP axis, Bandai Namco will develop a metaverse for each IP as a new connection framework with fans,” the developer said in its report.

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