You are here: Home » Opinion » Columns
Business Standard

Crypto ban: It's not the solution

The government needs to realise that cryptocurrencies today are what stocks were in the 17th century. They cannot be ignored and the door cannot be shut on them in the long run

Topics
cryptocurrency | bitcoins | Shaktikanta Das

Prosenjit Datta 

Prosenjit Datta

The (RBI) governor has major concerns about cryptocurrencies and their effect on financial stability. While he has not gone into details about what kind of cryptocurrencies he is concerned about, one can assume that it includes the entire gamut — the original Bitcoin, the Altcoins such as Ethereum, which number about 9,000 and are growing too fast for anyone to keep track of, and finally even the Initial Coin Offerings (ICOs), which are being used by most technology businesses to raise money while issuing tokens. The concern extends to even the class of cryptos called “Stablecoins” that try to minimise volatility by tethering their value to an underlying asset or basket of assets.

TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

SUBSCRIBE TO INSIGHTS

What you get on Business Standard Premium?

  • icon Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • icon Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • icon Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
  • icon Pick your 5 favourite companies, get a daily email with all news updates on them.
  • icon 26 years of website archives.
  • icon Preferential invites to Business Standard events.

OR

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, April 05 2021. 23:15 IST
RECOMMENDED FOR YOU
.