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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

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.



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