Janaki Jambunathan
Active member
Yes Bank debacle makes a case for crypto?
Confidence in the Indian financial system has been breaking down for some time. Instead of trying to restore trust, it may be time to require less of it — with the help of an official rupee cryptocurrency.
Blockchain technology, which the Indian establishment is trying to snuff out in finance, offers hope. Prime Minister Narendra Modi’s government should consider an official crypto to obviate the need for trusted intermediaries, which are in short supply, anyway. Before the coronavirusoutbreak, China was widely expected to start its own central bank digital currency this year. But India’s need is greater, and its motivation very different from Beijing’s desire to shake the hegemony of the dollar.
m.economictimes.com
Confidence in the Indian financial system has been breaking down for some time. Instead of trying to restore trust, it may be time to require less of it — with the help of an official rupee cryptocurrency.
Blockchain technology, which the Indian establishment is trying to snuff out in finance, offers hope. Prime Minister Narendra Modi’s government should consider an official crypto to obviate the need for trusted intermediaries, which are in short supply, anyway. Before the coronavirusoutbreak, China was widely expected to start its own central bank digital currency this year. But India’s need is greater, and its motivation very different from Beijing’s desire to shake the hegemony of the dollar.
View: India can use YES Bank debacle to chase China in crypto
It will be difficult and costly to revive the publics dwindling faith in the banking system.
