Never miss a story

Get subscribed to our newsletter

Photo by Executium on Unsplash

Crypto was purportedly solved last year with the Supreme Court of India lifting the RBIs crypto ban of 2018.

Amongst all its Indian stakeholders, there are strong undercurrents, deafening official-silence and unofficial-posturing, all around. Over the past few months, the government has had its varying views & intent about crypto. The RBI has been silent about Crypto. The crypto investor community has been euphoric about the instrument and equally miffed with the Indian officialdoms behaviour. All this, when the topic of Crypto was purportedly solved last year with the Supreme Court of India lifting the RBIs crypto ban of 2018.

Is it the common-man who buys Bitcoin? Or HNIs, or someone who understands technology and/or has surplus funds to invest in it? Should we blame Crypto-investing for lack of other attractive-investment instruments currently? Moral-placarders even compare crypto to gambling! Statistically, capital markets volatility has wiped out larger proportion of retail investors wealth in the past and could continue to do so in the future in free-markets scenario.

bitcoin india The report also mentions that most cryptocurrency-related crimes are ransom-ware, darknet market deals, etc. Photo by Ewan Kennedy on Unsplash

Another narrative fears that cryptos could be used for money laundering and terror financing. A mal-actor would have to be naive to try terror financing on an immutable ledger which can be seen and must be authenticated by all nodes on a blockchain! According to a report by Chainalysis, a company that specialises in cryptocurrency investigations for governments, exchanges and financial institutions, in 2020, the criminal share' of all cryptocurrency activity globally fell to just 0.34 per cent ($10.0 billion value). The report also mentions that most cryptocurrency-related crimes are ransom-ware, darknet market deals, etc.

In India, traditional physical assets like real estate and gold still account for most money laundering operations and financing mal-actors. Real estate is still not covered under the Money Laundering Act while purchasing gold does not even require KYC.

Confusion galore

Of late, the banks have not been allowing crypto transactions on their gateways. The media reports speculate that the RBI "nudged" the banks to give them "cold-shoulder" treatment.

silver and black round container Photo by Jievani Weerasinghe on Unsplash

The RBI has been reportedly working on building a central bank digital currency (CBDC), using many of the properties of cryptocurrencies including the blockchain technology. A good start is that the Ministry of Corporate Affairs (MCA) had recently made it mandatory for companies to disclose crypto trading/investments during the financial year. Whenever the clarity comes through, if Cryptos were to-be treated under Law as "securities", then the regulatory control will be in SEBI's court. If it's treated as currency (doubtfully so!!), then it would fall in RBI domain. (Technically Cryptocurrencies are unviable as a currency as of now, due to the massive changes in corrections and the time it takes for a transaction to get authenticated by the various nodes on the blockchain.)

Ostrich-head-in-the-sand syndrome of ignoring the development of digital currencies globally will be at our own (un)doing. Economically & business sentiment-wise, the price of arbitrariness of any policy or regulatory indecision is too high. A healthier policy discussion on this topic can start with sharing the draft "The Cryptocurrency and Regulation of Official Digital Currency Bill of 2021" in public domain.(IANS/HP)

( Article is originally written by By Srinath Sridharan, The author is an independent markets commentator)

keywords: cryptocurrency, crypto, RBI, Digital Currency, blockchain, bitcoin


There are two types of welcome bonuses - deposit and no deposit.

By- Robert James

More and more sports betting sites are appearing on the Internet. They are especially popular in India due to the prevalence of cricket. Users from this country constantly use the services of sports providers and have the right to choose the best.

Keep Reading Show less
Devon Hamper/wikipedia

Books that you can read in 2022.

Reading allows you to gain a deeper understanding of the world around you, stimulating your creativity and keeping your mind engaged.

A list of new releases published by Aleph:

What the Heck Do I Do With My Life?: How to Flourish in Our Turbulent Times

Many causes, including technology, climate change, demographics, and inequality, will cause our planet to change more in this century than in all of human history. Extreme change is offering unparalleled opportunities for individuals, companies, and society, as well as a 'adaptive challenge.' Those who can adapt to a fast-paced, complex, dynamic, and unpredictably changing world will prosper. Those who are unable to do so will suffer immensely.

Also read: Books to read in January

There are obvious signals that we need new ways of thinking about the world and our place in it all over the place. Our old ways of thinking about education, lifestyle, success, and happiness are no longer valid. What are the changes in the workplace? When future jobs are still being invented, how can you know what talents will be useful? Will 'jobs' even exist in the future, or will we be relegated to a world of projects and freelance work? What do you do with all of this and more?

What the Heck Do I Do With My Life? is a book on figuring out what you want to do with your life. Ravi Venkatesan argues that effective adaptation in the twenty-first century necessitates a "paradigm shift," a new attitude, new talents, and new techniques. Ravi also considers how, rather than drifting along like a piece of driftwood, we will need to live life more consciously, making deliberate decisions about who we are, what we do, and how we live.

Also read: Book Review: Philip: The Final Portrait

Neeraj Chopra: From Panipat to The Podium

On the night of August 7, 2021, a billion Indians' long-held desire came true as Neeraj Chopra won gold in the javelin in the Tokyo Olympics 2020. The wait, on the other hand, had been extremely long. In reality, this is India's first individual gold medal in athletics since the modern Olympic Games began. The entire country showered him with affection when he did it in his signature flair and smile. The media went crazy, and the youth discovered a new source of inspiration. People flocked to get their photos taken with him, and businesses discovered a new wonder-ambassador. Neeraj Chopra: I'm Neeraj Chopra, and I'm From Panipat to the Podium begins in a small village in Panipat and tells the story of his formative years, which were marked by restricted resources and opportunities. It takes readers through his journey to Panchkula and then to the national camp in his quest to conquer the world.

My Cricket Hero: XII Indians on their XII favourite Cricketers

Pieces from Keki Daruwalla on Polly Umrigar, Fredun De Vitre on Chandu Borde, Gulu Ezekiel on Eknath Solkar, Hemant Kenkre on Sunil Gavaskar, Amrit Mathur on Salim Durani, Kersi Meher-Homji on Vijay Hazare and many more make for a great lockdown read.

It's A Wonderful World: A Memoir

His book is a provocative read that makes us wish we had a life like his. Khalid Ansari's life has been an exciting and purposeful journey in service to his fellow human beings, beginning with his birth in Mumbai's impoverished Madanpura to a father who began his life as an orphan and a mother from a poor household. Ansari has attempted to depict some highlights of a splendored life that he has been lucky to experience, catching stars while chasing rainbows in this 'donkey's tale'. It's been la vie en rose for him, from founding newspapers and magazines to representing his country at the United Nations, accompanying dignitaries on state visits, covering cricket Test matches, nine Olympics, Commonwealth and Asian Games, travelling the world, and being awarded the Padma Shri award. The author has worked hard to keep this narrative from devolving into a 'I-did-this-did-that' pat-on-the-back, shabash!' By 'spicing' it up with dollops of frothy stories and self-critical bon mots, he has attempted a discourse on the meaning of life, the 'right path,' and the like, even as he has attempted a discourse on the purpose of life, the 'right route,' and the like.

Keep reading... Show less