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Dizitech

The system of money-laundering was efficient and discreet, but it did not destabilise the financial system. But when the carriers are not refugees, the object of countertrade is not physically traceable, and the sheer volume of such transactions can challenge ‘macroeconomic and financial stability’, such a system is a cause for concern. This is the view of Shaktikanta Das vis-à-vis private cryptocurrencies. And the Reserve Bank of India (RBI) governor is right. Ever since March 4, 2020, when the Supreme Court showed an injudicious haste in striking down RBI’s April 2018 circular that prohibited regulated banks from dealing with cryptocurrency transactions, the industry has taken it upon itself to grow at a frenetic pace. 
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Technology

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Dizi

And blockchain, as Das pointed out on Tuesday, continues to thrive and grow outside the heady world of cryptocurrencies. It is used by companies for things as mundane and routinely important as the management of contracts, the verification and authentication of raw material sourcing, digital identification, retail loyalty and rewards management programmes, data-sharing, and a whole host of other activities that have little or nothing to do with speculative investments. If anything, blockchain’s growth and acceptance is likely to grow undiminished, even in countries like China where cryptocurrencies have been banned altogether. Second, prohibiting the use of cryptocurrencies as a medium of exchange is an exercise in superfluity. 
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Digital

Like rare postage stamps, their value is pegged to their countertrade value at a point in time. They never challenge the supremacy of a fiat currency, because without the latter, these cryptos would lose not only their tradable value but also their very reason for existence. Indeed, cryptocurrencies, more than promoting the aim of seamless payments, only aid and abet the aims of a central bank like the US Federal Reserve, guaranteeing the supremacy of the dollar through a new avatar. In any case, central bank digital currencies (CBDC) are more than enough to ensure the cheaper, faster and safer transmission of digital money.  But more worrying than the lack of understanding is the scant regard, conspicuous by its absence, paid to the challenges of oversight and monitoring. Das, cognisant of the threat to capital controls and to the overall stability of the financial system — in which banks and non-banking financial companies (NBFCs), even if they are not fully disintermediated, may...
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