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Why government and RBI need to show some tough love for cryptocurrencies

India saw the internet’s commercial launch exactly that same year: August 14, 1995. The result is, today we are the cusp of 500 million internet users. India is one of most data-hungry countries in the world. Its e-commerce market is one of the world’s largest. The next wave of seismic change will come from blockchain and cryptocurrencies. Their transformative and economic credentials are there for all to see. The opportunity is open to lead this revolution. But where is India? The internet got in because it didn’t raise the hackles of the powers. Cryptocurrencies? Not so lucky. A Reserve Bank of India (RBI) notification on April 6 barred all regulated entities — commercial and cooperative banks, payments banks, small finance banks, NBFCs and payment-system providers — from dealing in cryptocurrencies. The impact is not limited to the financial system but spreads to the innovation pipeline in the underlying blockchain technology. If it keeps going down this path, India will likely be playing catch-up when blockchain and crypto assets move from being shiny new things to a way of life. Sure, blockchain and cryptocurrencies are different ideas. Banning one doesn’t mean banning the other — in fact, India is gung-ho about blockchain and is embracing it in everything from banking to education. But here’s the thing: they need each other. The uncertainty miring cryptocurrencies isn’t good news for India’s blockchain aspirations. The most damaging is it casts a shadow on the country’s so-called commitment to technology to transform itself. This is a battle that has governments and traditional institutions grappling with the potential end of the status quo on one side, and the crypto community on the other. The latter’s idealism — that traditional power centres can be cut down to size by large-scale adoption of blockchain and cryptocurrencies assets — is at odds with the realities of the world. Moreover, this claim of moral superiority is marred by the presence of fly-by-night operators who run Ponzi schemes around cryptocurrencies. As Kasper Korjus, managing director of e-Residency in the Republic of Estonia and the force behind that country’s crypto token, Estcoin, tells ET Prime, “Both these sides often behave as if the other has no future. Like most things, the truth is somewhere in the middle.”

133 thoughts on “Why government and RBI need to show some tough love for cryptocurrencies

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  79. Thank you for each of your work on this blog. Ellie takes pleasure in setting aside time for investigations and it’s easy to see why. Almost all notice all about the dynamic mode you make useful tips and tricks by means of this website and as well improve contribution from some others on that concern plus our own child is really understanding a lot. Enjoy the rest of the year. You are conducting a superb job.

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  88. I as well as my buddies have been taking note of the good secrets from your web blog while then came up with an awful feeling I never thanked the web site owner for those tips. My young men happened to be absolutely thrilled to study all of them and have now in actuality been loving them. Many thanks for really being very helpful and then for making a choice on these kinds of really good useful guides most people are really desperate to discover. My very own sincere apologies for not expressing appreciation to you sooner.

  89. I would like to convey my gratitude for your kindness for visitors who must have help with this one subject. Your real commitment to passing the solution throughout had been extraordinarily powerful and has regularly encouraged girls just like me to arrive at their goals. Your interesting guide implies a whole lot to me and substantially more to my colleagues. With thanks; from each one of us.

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  103. I precisely had to thank you very much all over again. I’m not certain what I would’ve sorted out in the absence of the entire recommendations shared by you about this subject matter. It was a hard problem for me, however , being able to see a specialized manner you treated it forced me to jump with happiness. Now i am thankful for the support and expect you realize what a great job you are always doing training the others through a blog. I am certain you’ve never encountered all of us.

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  106. I not to mention my friends came checking the nice hints located on your web site and then all of a sudden I got a horrible feeling I never thanked the website owner for those strategies. These ladies came absolutely thrilled to study them and now have actually been taking pleasure in these things. Thank you for getting well thoughtful and then for utilizing these kinds of awesome information most people are really wanting to know about. My personal honest apologies for not expressing gratitude to earlier.

  107. I needed to create you one very little remark to finally thank you again with the magnificent techniques you’ve contributed in this article. It has been simply pretty generous of people like you to convey publicly what some people would have marketed as an ebook in order to make some cash on their own, chiefly since you could possibly have done it in the event you desired. Those advice in addition served to be a easy way to fully grasp other people online have the same interest really like my own to figure out a great deal more with respect to this matter. I am sure there are thousands of more enjoyable occasions in the future for people who read your site.

  108. I intended to send you a bit of remark so as to say thank you again relating to the nice ideas you’ve discussed at this time. This has been quite shockingly generous of people like you to present publicly all some people would’ve marketed for an ebook in making some bucks on their own, even more so now that you might have done it in case you decided. Those pointers in addition served to provide a great way to know that the rest have the same dream really like mine to know the truth a good deal more related to this problem. I’m certain there are several more pleasurable opportunities ahead for individuals that browse through your blog post.

  109. My wife and i got so lucky that John could round up his reports through the entire ideas he acquired out of the web site. It is now and again perplexing just to possibly be releasing solutions which usually people might have been making money from. We take into account we have got you to give thanks to because of that. The most important illustrations you have made, the easy blog navigation, the friendships you can make it possible to instill – it’s all terrific, and it’s really helping our son and the family know that the idea is pleasurable, which is certainly unbelievably pressing. Thanks for the whole thing!

  110. Thank you for every one of your work on this site. Kate really loves engaging in investigations and it is easy to understand why. We learn all regarding the powerful mode you offer very helpful tips through your web site and as well as invigorate contribution from visitors on this matter then my princess is without question starting to learn so much. Have fun with the rest of the new year. You’re the one performing a dazzling job.

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  112. I am writing to make you understand of the perfect discovery my friend’s child gained using your blog. She noticed a good number of details, including what it’s like to possess an amazing coaching style to get folks smoothly thoroughly grasp some tortuous things. You undoubtedly did more than her expected results. Thank you for distributing those essential, dependable, informative and in addition fun tips about the topic to Ethel.

  113. I simply desired to thank you so much yet again. I’m not certain what I would have taken care of in the absence of those aspects contributed by you relating to that problem. It previously was a very traumatic condition for me personally, however , looking at a expert technique you processed that took me to jump over fulfillment. Now i am grateful for your guidance and as well , sincerely hope you find out what a great job you happen to be putting in instructing people today thru a blog. More than likely you haven’t met any of us.

  114. I must express my appreciation to the writer for bailing me out of such a setting. Because of checking through the the web and seeing notions that were not productive, I thought my entire life was over. Being alive without the strategies to the issues you have sorted out through your blog post is a critical case, as well as those which could have adversely damaged my career if I had not noticed your web blog. Your mastery and kindness in taking care of a lot of things was priceless. I’m not sure what I would have done if I hadn’t encountered such a stuff like this. I’m able to at this time relish my future. Thank you so much for your specialized and results-oriented help. I won’t be reluctant to propose the blog to anyone who should receive tips on this subject.

  115. I must express some appreciation to this writer for bailing me out of such a dilemma. As a result of surfing throughout the search engines and obtaining tricks which are not helpful, I believed my entire life was over. Existing devoid of the answers to the difficulties you’ve fixed by way of your entire article content is a crucial case, and ones which might have adversely damaged my career if I hadn’t encountered your web page. Your personal capability and kindness in dealing with all the pieces was priceless. I don’t know what I would’ve done if I hadn’t come upon such a subject like this. I am able to now look forward to my future. Thanks for your time very much for your professional and results-oriented help. I will not hesitate to recommend the sites to anybody who requires recommendations about this situation.

  116. I want to express my thanks to the writer for bailing me out of this type of situation. Because of looking out throughout the search engines and seeing tips that were not helpful, I assumed my entire life was over. Existing devoid of the solutions to the issues you’ve fixed by way of your good article is a serious case, and those which could have in a wrong way affected my entire career if I hadn’t encountered the website. The expertise and kindness in handling all the details was very helpful. I don’t know what I would have done if I hadn’t encountered such a point like this. I can also now look forward to my future. Thanks for your time very much for the expert and result oriented guide. I will not be reluctant to refer the sites to anyone who needs to have guide about this issue.

  117. I simply had to appreciate you all over again. I am not sure the things I would’ve implemented without the entire ways provided by you about this question. It had been the frightening circumstance for me, but being able to view the very specialized avenue you handled it forced me to jump for happiness. Now i’m happier for this information and as well , hope you recognize what an amazing job you are providing teaching some other people with the aid of a blog. Probably you haven’t met any of us.

  118. I intended to send you this bit of note to help say thanks a lot as before with the marvelous knowledge you’ve featured at this time. This has been certainly unbelievably open-handed with people like you to provide without restraint exactly what many of us could possibly have offered for an ebook to earn some cash on their own, even more so given that you might have tried it if you ever decided. Those thoughts likewise acted like a easy way to be certain that other people have the identical desire just as my very own to find out a little more related to this condition. I’m sure there are some more pleasant opportunities ahead for people who scan through your site.

  119. My husband and i got thrilled that Louis could finish up his investigations while using the precious recommendations he discovered when using the site. It is now and again perplexing just to happen to be releasing things which other folks have been trying to sell. We really recognize we have got you to be grateful to for that. The explanations you made, the simple site menu, the friendships you give support to create – it’s got all spectacular, and it’s letting our son in addition to our family reason why that situation is fun, which is extremely serious. Many thanks for all!

  120. Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.

  121. Sorry for the huge review, but I’m really loving the new Zune, and hope this, as well as the excellent reviews some other people have written, will help you decide if it’s the right choice for you.

  122. Zune and iPod: Most people compare the Zune to the Touch, but after seeing how slim and surprisingly small and light it is, I consider it to be a rather unique hybrid that combines qualities of both the Touch and the Nano. It’s very colorful and lovely OLED screen is slightly smaller than the touch screen, but the player itself feels quite a bit smaller and lighter. It weighs about 2/3 as much, and is noticeably smaller in width and height, while being just a hair thicker.

  123. The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.

  124. I’ll gear this review to 2 types of people: current Zune owners who are considering an upgrade, and people trying to decide between a Zune and an iPod. (There are other players worth considering out there, like the Sony Walkman X, but I hope this gives you enough info to make an informed decision of the Zune vs players other than the iPod line as well.)

  125. Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.

  126. The Zune concentrates on being a Portable Media Player. Not a web browser. Not a game machine. Maybe in the future it’ll do even better in those areas, but for now it’s a fantastic way to organize and listen to your music and videos, and is without peer in that regard. The iPod’s strengths are its web browsing and apps. If those sound more compelling, perhaps it is your best choice.

  127. The Zune concentrates on being a Portable Media Player. Not a web browser. Not a game machine. Maybe in the future it’ll do even better in those areas, but for now it’s a fantastic way to organize and listen to your music and videos, and is without peer in that regard. The iPod’s strengths are its web browsing and apps. If those sound more compelling, perhaps it is your best choice.

  128. Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.

  129. Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.

  130. If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.

  131. Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.

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