Way Forward on Cryptocurrencies

I see a poll has been put on cryptocurrencies so I am sharing this information.

Indian investors are flocking to cryptocurrencies like never before and the trend could be a dangerous one. Indians had parked nearly $6.6 billion (Rs49,189 crore) in cryptocurrencies until May this year. The Government should not ban may be cryptocurrencies immediately but it should instead launch its own Indian digital currency and over time ban the cryptocurrency or tax it like a foreign asset.

If there are individuals in this circle that are knowledgable about this please share your views and why international crypto currencies which are purely speculative bets be legalised. more  

View all 10 comments Below 10 comments
Again white money is store in foreign countries....!! more  
If you can investigate the trail of crypto currency then you should allow it. If it is not possible to track it should not be allowed. Allowing crypto is like allowing Dawood to print ₹2000 notes and allow it in circulation in India. Only thing is that people in power are deeply involved in this racket and so they are delaying the decision to classify it is a currency or as commodity and pass time and get out it and common man get into and bear the brunt. Govt also doesnot want gold as a medium exchange then how it can allow such BASTARD CURRENCY .... where you cannot make out who is the owner of it. You password and id is lost you are screwed. If you loose the pen drive your money is lost. If some ransomware or hacker hacks your account you have no recourse to track it or claim your amount back. I can see people weeping on investing in such currencies in coming future. more  
Like the stock market a few will make huge gains, seeing which common people will rush into it and lose their shirt. Government should ban it in any form for any purpose. Cryptocurrency is neither an investment nor a commodity. more  
We all pretty know that there are at least a dozen of countries or rather economies which are called or described as tax haven countries.Bitcoins or cryptocurrencies are tax haven financial investments instruments.There are many wealthy persons across the world who have Swiss bank accounts where they can put their ill gotten wealth safely.But this wealth cannot be used as money in circulation.Bitcoins are nothing but a means to utilize this ill gotten wealth as money.But so long it remains a trusted means for transactions in a limited closed circle among its participants it will not matter much.But once it gets operational in a wide circle then it will be a matter of grave concern. It definitely has a tremendous potential to purchase the entire economy of poorer countries.But unfortunately the big players in this market are from big economies and they are trying their best to pressurize the big economies to legitimize bitcoins.Financial discipline at the apex level should never bow down to these pressures or else there can be havoc in international financial world more  
It ia way for easy transfer of funds across nations. Of course, there is also an element of gambling for gain or loss of invested funds more  
Cryptocurrency in its present Avatar is just another form of gambling like our stock exchanges. Currency is a medium of exchange with some form of guarantee from a sovereign state that one can obtain goods and services in exchange. But digital currencies like Bitcoin are not backed by any major sovereign state (at least not yet) and thus are not guaranteed. Their value may fluctuate wildly. So, it is just another form of theft from the gullible without any fear of punishment much like trading in shares. more  
Post a Comment

Related Posts

    • Cricket World Cup Tickets Scam

      BCCI or whosoever is selling online tickets via bookmyshow and other websites you are likely doing big scam. Ahmedabad match, capacity 135000, ticket was sold out within minute. However ...

      By Dinesh Shah
      /
    • Regulating child access to social media OTT and online gaming

      Is the need of the hour. I am amazed at the fact that many of the mainstream media channels and papers are refraining from talking about it. Perhaps there is vested interest. Super glad ...

      By Sudesh Rai
      /
    • Junk consumption soaring only bad to follow

      Varun Beverages sold 480 Cr Litres of Pepsi and other Beverages in FY23 Dominos India sold 6.7 cr to 7.83 cr Pizzas in FY23 Pizza hut India (Sapphire) sold abou...

      By Sudesh Rai
      /
    • Are we going to have a rabies and dog bit epidemic

      LocalCircles Manager and members are doing excellent work in sensitising the Government to take dog bite menace seriously and on the other hand we have officers like District Magistrate Noida who a...

      By Radha Puri
      /
    • Banking difficulties of people

      Thrilled to see LocalCircles banking difficulties survey in multiple english hindi news papers yesterday.

      By Shailesh Deshmukh
      /
    • Appeasing minorities by giving vehicle subsidies

      Is a really wrong policy that is being deployed bh Karnataka Government. The only way such subsidies must be given is based on economic status (basis tax returns) and not caste. We all r...

      By SN Mittal
      /
    • Kudos LocalCircles

      Great work on bank malpractices and escalating this issue to RBI. All members who have a loan need to save the attached notification in their mobile/computer. Your bank will now have to...

      By Shikha Jain
      /
    • Need safety standards for commercial public events

      A lot of women who went to the AR Rahman concert this weekend had to face horror. Many, i mean a lot were groped and assaulted.

      By Sarita S
      /
    • High costs of medical education

      It is costing anywhere between 1.5 crores to 4 crores for a medical specialisation MD degree. How many people in middle class have this kind of money in their banks which means only chi...

      By Sarita Ravichandran
      /
    • G-20 India - Declarations

      Attached for all those who are interested. This circle has such knowledgeable people. We should discuss how these broad areas of consensus can be translated into real areas of actions on the ground

      By Ashima Gupta
      /
    • Medicine Side Effects information to consumer

      Both the news papers I receive here in Noida have the localcircles survey published on the unknown side effects of medicines

      By RN Chopra
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)