Tread cautiously on crypto

20 FEB,2022 | MEDC


 

An RBI Deputy Governor recently called for an outright ban on cryptocurrency saying that it has been specifically developed to bypass the regulated financial system, and it is akin to, or even more dangerous than, Ponzi schemes. He added that banning cryptocurrency is perhaps the most advisable choice open to India. That point should be noted. None of the major developed economies have legalized crypto … and for a reason. Legalizing crypto at this point will have unpredictable implications on the government’s ability in controlling the economy, especially the financial system. It is worth taking a tough stand on it while the total number of cryptocurrency investors in India still remains relatively small. The stability of our financial system cannot be jeopardized by some passing fad.

 *Photo Credit: Google

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