I fully support the government of India's decision to clamp down on cryptocurrency.
It is the government's job to regulate highly speculative investments that could lead to major losses for retail investors. With no underlying value or purpose, cryptocurrencies cannot even be called an investment. Their only meaningful purpose seems to be in hiding cross border transactions - something that the government must regulate.
Just because I disagree with the government currently in power, I cannot undermine the very purpose of government - to protect citizens from speculators and cross border criminals. A mechanism to carry out domestic transactions in an anonymous manner already exists - cash. Currency under circulation has doubled under the NDA regime, in spite of all the noise they make about digital economy.
But the most glaring aspect of crypto is the sheer wastage of energy and the mountains of e-waste generated by this pointless activity.
It is the government's job to regulate highly speculative investments that could lead to major losses for retail investors. With no underlying value or purpose, cryptocurrencies cannot even be called an investment. Their only meaningful purpose seems to be in hiding cross border transactions - something that the government must regulate.
Just because I disagree with the government currently in power, I cannot undermine the very purpose of government - to protect citizens from speculators and cross border criminals. A mechanism to carry out domestic transactions in an anonymous manner already exists - cash. Currency under circulation has doubled under the NDA regime, in spite of all the noise they make about digital economy.
But the most glaring aspect of crypto is the sheer wastage of energy and the mountains of e-waste generated by this pointless activity.