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Cryptocurrencies Like World Of Caribbean Pirates Without Regulation: India's Chi...
source link: https://nextbigwhat.com/cryptocurrencies-like-world-of-caribbean-pirates-without-regulation-indias-chief-economic-adviser/
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NBW Pluggdin Cryptocurrencies Like World Of Caribbean Pirates Without Regulation: India’s Chief Economic Adviser
Cryptocurrencies Like World Of Caribbean Pirates Without Regulation: India’s Chief Economic Adviser
- June 13, 2022
- Chief economic adviser has said cryptocurrencies are yet pass muster as fiat currency.
- He further said that unlike fiat money, crypto currencies cannot satisfy basic requirements such as having store value, widespread acceptability and unit of account.
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Mr Nageswaran said that he agreed with RBI Deputy Governor T Rabi Sankar who had been saying that as of now there appeared to be a case of regulatory arbitrage with regard to crypto currencies and decentralised finance rather than a case of true financial innovation.
The more decentralized they become and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner take all’ in terms of being able to really take it all from somebody else.
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