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Letter to BS: Blanket ban on cryptocurrency in India is not a good idea

The world is turning digital and crypto currency may change the dollar dominated world

Busineqss Standard 

Photo: Reuters

This refers to “Embracing innovation” (July 25). If bitcoin had no apparent moorings, Facebook Libra intends to build one through a financing collective to keep it insulated from wild swings in valuation. It may eventually get linked to a basket of world currencies thus giving cryptos a body. Blockchain, a platform that brings cryptocurrencies into play and serves as the distributed ledger, will be the soul and form the network. This network will create the means for transacting, and enable transferring of value and information. Falsifying will be virtually impossible. Bitcoin already uses this model for monetary transactions.

The crux would be the ultimate design, structure and management of cryptos. Till date, neither progenitors of cryptos nor regulatory agencies have adequate ken and hence, a road map for the future is needed.

For all we know, if handled well, cryptos may change the present dollar dominated transactions regime. The world is turning digital. Cryptocurrency, or virtual money, some claim could be the new gold standard. That is what is innovation.

R Narayanan, Navi Mumbai

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First Published: Thu, July 25 2019. 22:38 IST