Quick Summary
- India is on the verge of banning cryptocurrencies. Its Finance Minister is of the view that these digital currencies might destabilize the fiscal stability of the country. RBI (Reserve Bank of India) looks forward to the global community regulating it.
Related: JP Morgan Might Take Away the Decentralization of Ethereum
Power to the People
Cryptocurrencies are still looking for their mainstream adoption. While banks like JP Morgan and countries like El Salvador are adopting cryptocurrencies, some countries are afraid of the freedom that comes with cryptos. In banks and governments, only a few people make financial decisions that are implemented and followed by everyone. They decide the value of currencies and can even print currencies as much as they want. Cryptocurrencies empower people instead of governments and banks. The idea behind bitcoin and other cryptos is to put people into control so that they can decide the price and quantity of the digital asset. This is worrying for these monopolists as they want to keep everything in their own control and the solution they see is to simply ban.
Finance Minister India Nirmala Sitharaman stated that India has growing concerns about cryptocurrencies. How these asset operate could be a factor that can destabilize their fiscal stability.
Power to the Banks
The statement released says that only banks and governments are allowed to issue currencies. What brings cation is the speculative nature of cryptocurrencies as there is no monetary policy to define the prices of the crypto coins and tokens. Reserve bank of India passed its observations to ban cryptocurrencies. India has already imposed a huge tax on trading cryptocurrencies.
However, banning crypto is not a thing that some countries can do alone. Cryptocurrencies are borderless and trustless; therefore, RBI asks for international support to frame legislation to ban these assets. Not every country is a crypto-averse nation overcome by the local banks’ monopoly. Some countries understand what the digital era of cryptocurrencies holds.
Conclusion
Giant companies like Walmart, Twitter, Meta, Google, Adidas, Spotify, and Disney are building their assets on blockchain. So, in the era of digital aware Gen-Z, it’s not advisable to expect educated countries to simply ban cryptocurrencies because a bank recommends so. Nonetheless, if imposed, this ban is going to send a huge FUD and crypto might see another drop – the good thing is we all know crypto will survive it too.
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author: mnmansha
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
