ANI |
Updated: Apr 19, 2022 18:40 IST
New Delhi [India] April 19 (ANI/NewsVoir): “If you don’t believe it and don’t get it, I don’t have the time to try to convince you. Sorry,” – this is how Satoshi Nakamoto, a pseudonymous person, developer of bitcoin and the man who authored the white paper of bitcoin, made people understand the importance of cryptocurrency.
On the other side, legendary investor, Warren Buffet, warned people to stay away from it, terming cryptocurrency a mirage, he prophesied that cryptocurrency will come to a bad ending.
The dilemma of ‘to be or not to be’ still haunting the world for this ‘decentralized money’. China has put up a blanket ban on cryptocurrency terming it illegal, whereas a recent assessment revealed that Indians became the world’s highest number of cryptocurrency owners at 10.7 crores.
Largely unregulated, crypto assets have grown by 200 per cent so far this year, from just under USD 800 billion to USD 2.3 trillion, without the backing of an asset or fiat currency. Despite the absence of direct control of central authority, cryptocurrency ownership has been showing exponential growth, now this raises eyebrows that why governments are allowing it?
If they are allowing their citizens to trade in cryptocurrency, then why not regulating it? Both questions hold hazy solutions, as control is the major issue which is frightening the Central Banking authorities across the world, as controlling currency (legal tenders) serves many macroeconomic and geo-political interests, which may go haywire if one legalizes the cryptocurrency.
The stateless nature of decentralized currency will circumvent capital control and exporting wealth. The ability to bypass existing financial infrastructure will make this currency a heaven for criminals, especially those involved in money laundering. The biggest argument which is hindering the…
