Who's afraid of cryptocurrency?
Synopsis
The US Securities and Exchange Commission (SEC) has approved 11 exchange-traded funds (ETFs) on the spot price of bitcoin. While many hoped India would follow suit, the Reserve Bank of India (RBI) has maintained its stance that cryptocurrencies have no intrinsic value. The RBI's view is limited to cryptocurrencies as a currency, not the blockchain technology behind them. The issue of currency in a nation-state is a state function, conducted through the central bank. It is unlikely that India's current position on crypto will change soon.
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