Nouriel Roubini “Dr. Doom” praises India’s proposed ban on cryptocurrencies

India’s cryptocurrency businesses and enthusiasts face massive setbacks if the proposed draft bill on imposing a total ban on cryptocurrencies sails through. The inter-ministerial committee (IMC) in a report and a draft bill encouraged outlawing of private digital currencies like Bitcoin. Moreover, people found engaging in activities relating to cryptocurrencies would face jail time. On the contrary, did not ban digital currencies backed by the stated and controlled by the central bank.

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While this would be a major setback for the cryptocurrency space in the country, the Noble Prize winner and economist Nouriel Roubini is commonly known as Dr. Doom for his outspoken dislike for Bitcoin and other cryptocurrencies showered the Indian government with praises for saving the Indian people from thousands of “shitcoins.” He adds that crypto is the mastermind of inequality where ‘whales’ get richer at the expense of everyone else.

“Good news for 1.4 bil Indians whose savings will not be suckered into 1000s of shitcoins that already lost 99% of their value from peak. Crypto is a massive driver of inequality: sleazy criminal whales getting rich at expense of retail suckers. Inequality in crypto worse than NK!”

Of course, not all people agree with Roubini, in fact, most people disagree with him. For example, Eric Brouwer a follower of his on Twitter replied to him saying:

“A ban is disproportionate! #crypto presents risks but it needs regulation rather than censorship. An appropriate regulatory framework can ensure consumer protection while at the same time foster innovation. With sufficient protection, consumers can make informed investments.”