Posted on 11/23/2021 11:07:27 AM PST by BenLurkin
The bill — called Cryptocurrency & Regulation of Official Digital Currency Bill 2021 — will also create a “facilitative framework” for the creation of the official digital currency for the country, the legislative agenda adds.
Lawmakers in India have for several quarters been discussing risks of cryptocurrency trading and trialing a central government-backed digital currency.
An increasingly growing number of Indians, many of whom have never invested in the stock market or any other asset class, have started to trade cryptocurrencies in recent quarters, prompting concerns among some that they might end up losing their money.
Local cryptocurrency exchanges have reported growing volumes of transactions and user bases this year and raised record capital from high-profile investors. CoinDCX, backed by B Capital, and CoinSwitch Kuber, backed by a16z and Coinbase Ventures, became unicorns this year.
(Excerpt) Read more at techcrunch.com ...
Similar talk has been taking place for 50 years and nothing has come of it....
The US losing the Petro Dollar might happen some day but it won’t have anything to do with Crypto Currencies...
The same was said about gold at one time, all I’m saying is Government and Central Banks are not going to allow a currency which they have little to any control over becoming the dominate currency in their country...
Politicians since the dawn of fiat currency have used central banks to pursue a political agenda, there is no chance they will allow a crypto currency to replace that power and control.
Any country that loses control of their currency is finished.
“discussions are occurring to replace it with a basket of currencies.”
And what bond market will back that basket? The US treasury market is intricately tied to the dollar and the reasons it is used as the world’s reserve currency.
Mark Twain spoke about the death of the dollar.
The dollar certainly could lose it’s reserve status but as I’ve said it will have nothing to do with any crypto currency.
It will have this to do…
Nations around the world are preparing to create digital versions of their own currencies.
Crypto prepares the public for the concept.
After launch, a basket will be simple.
I don’t believe it will ever be a dominant currency - nor does it have to be to be valuable.
—> And what bond market will back that basket?
The basket will replace the dollar for international trade.
The bonds will be issued by governments as they are now.
You’re right Central Banks around the world will all eventually create their own digital currency, once that happens crypto currencies today will worthless.....
The idea of a basket of currencies sounds good and will work until one country gets into economic trouble by electing the wrong people and starts to devalue their currency relative to the other currencies in the basket, once that happens the basket will start to unravel...
Think about this, with all the talk about “The Great Reset” and one world government and currency, it’s totally illogical to think in that situation the ruling elites would allow a currency they have little to no control over to exist...
—> once that happens crypto currencies today will worthless...
I disagree on the at point. That’s OK. I’m comfortable with it.
—> Think about this, with all the talk about “The Great Reset” and one world government and currency, it’s totally illogical to think in that situation the ruling elites would allow a currency they have little to no control over to exist...
That is the point. They believe they will control all the countries.
They’re off to a good start. I hope and pray they fail.
You think the dollar is still going to be the reserve currency in 10 years?
The state of our economy will make 1955 Britain look like a paradise.
Our current rate of spending and the general debt load is unsustainable.
Then I hop on a plan to a country where it is legal tender and exchange it for whatever currency is being used in the US.
I understand the whole idea of a decentralized economy is hard for folks to imagine. But if you are against all of the current spending plans and the way things are being done it makes sense to hedge your bets.
The dollar is on the way out. That’s pretty much agreed. What replaces it is the question. The way the current administration is treating oil producers it’s as if they WANT the dollar to collapse. The only thing it would take is for the House of Saud to decide it will accept payment for their oil in any other currency. Most Americans don’t realize their livelihood depends on The Saudis more than the Republicans or Democrats. It will be a sad day when they find out.
All that is true but none of this has anything to do with crypto currencies
The ban is considered as the narcotics trade has moved to cryptos. Pakistan has moved to fund its terrorists in India through crypto-currencies. With a lot of the Taliban available to be diverted to India, there is little choice. Unless mayhem is acceptable.
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