Cryptocurrencies Like World Of Caribbean Pirates Without Regulation: India’s Chief Economic Adviser

  • Chief economic adviser has said cryptocurrencies are yet pass muster as fiat currency.
  • He further said that unlike fiat money, crypto currencies cannot satisfy basic requirements such as having store value, widespread acceptability and unit of account.
  • Mr Nageswaran said that he agreed with RBI Deputy Governor T Rabi Sankar who had been saying that as of now there appeared to be a case of regulatory arbitrage with regard to crypto currencies and decentralised finance rather than a case of true financial innovation.

The more decentralized they become and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner take all’ in terms of being able to really take it all from somebody else.

[Via]

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