Demystifying cryptos

09 NOV,2021 | MEDC


 

Crypto safety levels vary widely. India's crypto boom after the Supreme Court lifted a ban on their trading two years ago, has seen much money being made legally on relatively safe digital platforms. But given the scale of this phenomenon and the recklessness of the enthusiasm in an essentially fickle space, what is happening is worrying. Although there are not yet any reliable estimates, there are clearly tens of thousands of Indian crypto dabblers in a still unregulated market. This does not bode well for financial stability. Though the government is taking steps to that end, some top crypto exchanges have already pledged to adopt a joint self-regulatory mechanism to safeguard investor interests. It is in the cryptosphere’s interest to assure investors that they would not be left in the lurch by any possibility they were unaware of. Cryptocurrencies may be an idea whose time has come, but most of them are still shrouded in an unacceptable mystery.

 

*Photo Credit: Google

 

 

 

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