Article: India can’t ignore the promise of big blockchain innovations

Blockchain, Governance, Money

India can’t ignore the promise of big blockchain innovations

Mobile banking has indeed emerged as a way to end financial exclusion, a chronic problem in all emerging markets. In India, payments worth almost $60 billion are now taking place every month via wireless devices, three-fifths more than ATM withdrawals. A year ago, cash was ahead by 37%. At this rate of digital adoption, the lead of cheques might also soon vanish.

Srinivasan’s advocacy has thus come at a crucial time. A digital wallet that can handle both central bank-issued electronic cash and cryptocurrencies will end up “giving every Indian the ability to make both domestic and international transactions of arbitrary complexity, attracting crypto capital from around the world, and leapfrogging the 20th century financial system entirely,” he says in his blog post.

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Article: Why a ban on cryptocurrency could have dire consequences for India

Crypto

BitcoinWhy a ban on cryptocurrency could have dire consequences for India

Just like its disastrous predecessor – demonetisation – banning cryptocurrency to fight “black money” would be like setting fire to the forest in order to smoke out a few sheep.

If India proceeds with a rumored ban on cryptocurrency, it wouldn’t be the country’s first attempt to impose currency controls. This time, however, a ban is even less likely to succeed — and the consequences for India’s economy could be more dire. The country shouldn’t make the same mistake twice.

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