Wednesday, July 24, 2019

Roubini calls India Crypto proposed ban a ‘wise government’ move #bitcoin #cryptocurrency

Economist Dr. Roubini tweeted yesterday about the Indian government planned Crypto ban saying : Finally a wise government who is banning these toxic shitcoins . end of quote. Bitcoin critic Roubini also dubbed Dr. Doom has hailed the proposed ban on cryptocurrencies in India calling it ‘good news’. the professor at the New York University Stern School of Business said an actual ban on crypto in the world’s second-most populous nation will save ‘retail suckers’ in the country from investing in ‘shitcoins’. Roubini often calls Bitcoins Shitcoins , In a piece published by Project Syndicate, Roubini claimed that this was made possible by the lack of regulation in the cryptocurrency industry: Cryptocurrencies are routinely launched and traded outside the domain of official financial oversight, where avoidance of compliance costs is advertised as a source of efficiency. The result is that crypto land has become an unregulated casino, where unchecked criminality runs riot. India’s proposed ban on crypto is not the only negative development in the crypto space that Roubini has recently celebrated. After the TRON cryptocurrency founder Justin Sun canceled a lunch date with billionaire and Berkshire Hathaway boss Warren Buffett citing health issues, Roubini termed the development a ‘crypto-flop, embarrassment and failure’. Dr. Doom has recently stepped up his feud with Seychelles-registered bitcoin and crypto exchange BitMEX, suggesting it, and other major bitcoin exchanges, are involved in "systematic illegality." "BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere," Roubini wrote in a blog post. "The exchange does nothing to stop this, as it profits from these transactions." Roubini, who clashed with the chief executive of BitMEX, Arthur Hayes, at the Asia Blockchain Summit earlier this month, has previously branded bitcoin "overhyped" and a "cesspool."

Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

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