Nouriel Roubini is not done with bashing virtual currencies and now the economist has congratulated India for making strides towards prohibiting the use of cryptocurrencies in the country.
After rumors emerged that India is planning to ban cryptocurrencies, it has now been confirmed that such plans are in motion. According to a suggestion by an inter-ministerial committee, Bitcoin and other cryptos should be banned. In a report, the Indian government argues that cryptocurrencies cannot serve as money.
Additionally, “the committee also recommends that all exchanges, people, trades, and other financial system participants should be prohibited from dealing with cryptocurrencies. …the Committee has recommended a law banning the cryptocurrency in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.”
Roubini: “1.4 billion Indians saved from drowning”
On this note, Roubini has congratulated India for planning such tough moves. In his congratulatory note, the economist said that “crypto is a massive driver of inequality.” Therefore, for ‘Dr. Doom,’ “1.4 billion Indians” would be saved from drowning their savings into “1000s of shitcoins.” “sleazy criminal whales” amass more wealth at,“the expense of everyone else,” Roubini said. These criminals would put the infamous mafia family the“Cosa Nostra to shame.”
One of the “sleazy criminals,” according to Nouriel, is Arthur Hayes, the CEO of BitMEX, a crypto exchange with a global footprint but domiciled in Seychelles.
BitMEX ‘benefits’ from money laundering
The economist accused the exchange of facilitating money laundering since it “profits from these transactions.” Notably, the accusations came days after Nouriel and Hayes held a discussion in Taipei during the Asia Blockchain Summit. During the conference, Roubini told Hayes, “you can front-run your clients, you can screw them financially.”
According to the economist:
“BitMEX applies high fees whenever one buys or sells its toxic instruments, and then it takes another bite of the apple by siphoning customers’ savings into a ‘liquidation fund’ that is likely to be many times larger than what is necessary to avoid counter-party risk. …liquidations at times account for up to half of BitMEX’s revenue.”
However, after the summit, Roubini wanted to have the recording so that he can broadcast to the world who Hayes is and what he’s up to. Unfortunately, Hayes was one step ahead; he acquired exclusive rights of the entire video. What followed was a series of cherry-picked clips that worked in favor of the BitMEX CEO.
Nouriel is not yet done with Arthur
‘Dr. Doom’ was not done with Hayes bashing, commenting:
“I suppose this [releasing bits of the video] is part of the course among crypto scammers. But, it is ironic that someone who claims to represent the ‘resistance’ against censorship has become the father of all censors now that his con has been exposed. Finally, shamed in public by his own supporters, he relented and released the video.”
Surprisingly, after a heated discussion in Taipei, the United States Commodity Futures Trading Commission (CFTC) is reportedly on Hayes’ neck. The commission wants to establish whether BitMEX is illegally onboarding users from the United States.
This is not the first outburst from Roubini. He has never seen the revolutionary power of Bitcoin and other cryptocurrencies. Therefore, ‘Dr. Doom,’ as he’s commonly known in the crypto circles, has from time to time been firing salvos at cryptocurrencies. For example, in 2018, Roubini told the United States Senate Committee on Banking, Housing and Community Affairs that “crypto is the mother or father of all scams and bubbles.”
The economist added:
“Blockchain is the most overhyped – and least useful – technology in human history.”
What do you think? Is Roubini right or just a big government and banks stooge? Let us know your rebuttals to Dr. Doom in the comments.