According to a new report published by Quartz, the Indian government is concerned about the impact cryptocurrencies will have on its own fiat currency INR. A representative from the cryptocurrency community who recently met with the Subhash Chandra Garg led government panel said that the government is concerned whether the use of cryptocurrencies for payments will end up destabilizing the rupee. This fear has also been elevated because of a Bank for International Settlements (BIS) report which has warned that cryptocurrencies might destabilize traditional banks if widely available. We think that a lot of these fears are unfounded and are not a matter of concern at the moment because major cryptocurrencies like Bitcoin are nowhere near the scale Mastercard and Visa have. Even if cryptocurrencies do get a significant share of the payments market in the coming years, there are lots of checks and balances that can be placed by the regulators. India should become a part of the global cryptocurrency revolution and such conservative thinking halts the progress of the country in the blockchain space.
References:
The Indian government is worried that cryptocurrencies may destabilise the rupee: https://qz.com/india/1539944/india-fears-that-bitcoin-other-cryptocurrencies-may-hurt-rupee/
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