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News: While it is right to be concerned about cryptocurrency, but RBI’s move to ban crypto and refer it to the Ponzi scheme lacks balance.
| Read here: The Cryptocurrency deception |
How crypto is beneficial?
Crypto could save in remittances transfer as India received 87 bn dollars and remittance charge alone cost 30,000 crores. Crypto with near-zero fees could be useful here. Cryptocurrencies are also powering new innovations like Maharashtra State Board of Skill Certification verification based on Ethereum and NFT (Non-Fungible Token) by media houses.
| Read here: Regulation of Cryptocurrency | Timeline |
How the RBI’s move on banning cryptocurrency is not justified?
RBI does not clarify how cryptocurrency is going to actually “wreck” the economy. There was also no reasoning on how a crypto ban in India would solve any of the problems cited that regulation cannot solve.
Also, Citizens should have the right to participate in a new technology wave and be part of the Fourth Industrial Revolution
| Read here: Cryptocurrency trade braces for RBI ban |
Source: This post is based on the article “RBI ought to take a balanced view on cryptocurrency” published in the Livemint on 2nd March 2022.
