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September 11, 2021, 08:14:36 AM |
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The government's stand is typical of politicians. They are reading the mood and don't want to dampen the idea that cryptocurrency startups have the potential to provide a lot of jobs as well as international funding for the young developers.
The RBI on the other hand is just another one of those "borrowed institutions" of India which have traditionally relied on tried and tested international formulae. This is the misfortune of India as a country. When it comes to any sort of innovation, standards and basic research, Indians always shy from breaking new grounds. Be it technology, social science or economics; the much heralded indian intellectuals prefer to follow the lead of the "Gora Saab". The Gora Sabb of RBI, the IMF, has clearly taken the stand that "Cryptocurrencies can cause instability", notably in case of El Salvador. Shantikanta is just doing what we Indians are ingrained for, follow the lead and parrot the same thing as expert advice, without even considering the positive effects for a moment. Doing that would require courage and original thinking, stuff that is hard to find amongst Indian intellectuals.
I don't think this would make much of a difference to the final bill. The government will not want to appear as digitally uneducated and cowardly. The bill will most probably follow the commodity classification and then leave it upto the SEBI and other Industrial bodies to play with it. The Govt hasn't been a big fan of RBI and i hope that there copy-pasted opinion is set aside.
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