In this episode of the Perspective Prog. based on ‘The Crypto Question’. While Bitcoin started more than a decade back in 2008, total market capitalisation of all cryptocurrencies was only $20 billion in early 2017. This went up to $289 billion in next three years and thereafter exploded to reach a peak of $2.9 trillion in November 2021. In the last three months it has again witnessed a sharp decline. As of today the total number of cryptocurrencies is at 17,697 and the total number of crypto exchanges is 462. Currently, there is no regulation or any ban on the use of cryptocurrencies in India. The Reserve Bank of India’s order banning banks from supporting crypto transactions, was reversed by the Supreme Court order of March 2020. While the RBI has repeatedly underlined its strong view against cryptocurrencies, saying these pose a serious threat to the macroeconomic and financial stability of the country, Govt of India is working on a legislation for regulation of this sector. Finance Minister in her Budget speech this year has also proposed to introduce a digital currency in the coming financial year for which RBI is soon expected to carry out pilot studies. In this Episode, We will discuss and analyse all aspects of the Crypto Question and the path ahead for crypto currencies in India.
Guests:
1. Aruna Sharma, Member, Digitisation Committee, RBl
2. Sathvik Vishwanath, Co-founder & CEO, Unocoin
3. Subhomoy Bhattacharjee, Consulting Editor, Business Standard
Anchor: Vishal Dahiya
Producer: Amit Srivastava, Sagheer Ahmad
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