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
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