Now that crypto regulations are imminent in India, it is vital to explore a few key issues that could make a difference to the growth of blockchain technologies in the country
Now that crypto regulations are imminent in India, it is vital to explore a few key issues that could make a difference to the growth of blockchain technologies in the country
Image: Shutterstock
Renowned Austrian School economist and historian, Ludwig von Mises, once famously said, “Progress is precisely that which rules and regulations did not foresee.” This observation explains the dilemma faced by countries that have attempted to rein in the rapidly progressing world of cryptocurrencies run on blockchain technologies.
Three years ago, in these columns, I had underlined the urgency of addressing the dark web activities connected with cryptomoney (‘Coopting the misunderstood – India’s Cryptocoin Moment’ – Forbes India, Dec 19). However, I was not (and am still not) for a blanket ban on crypto money in India, given its tremendous potential to solve some of the pressing problems faced by our rural and urban poor**.
[This article has been published with permission from IIM Bangalore. www.iimb.ac.in Views expressed are personal.]