T. Rabi Sankar from the Reserve Bank of India compared cryptocurrency to ponzi schemes and said that banning them, not regulating them, would be the “most advisable choice” for the Indian government.

Sankar, who is also the RBI deputy governor, spoke to the crowd at a keynote Address on Feb. 14 that “We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity.”