The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

A Look at India’s (non) Love Affair with Cryptocurrencies

by Daily Hodl Staff
March 12, 2018
in Regulators

History will tell the full story of cryptocurrencies: the good and the bad; the foolish versus the wise. Cries to ban everything from Bitcoin to Dogecoin, with arguments implicating serious flaws in permissionless systems and the ease with which cryptos help criminals, are often less loud than the cries denouncing poverty, tent cities, the unbanked and India’s caste system which perpetuates a ginormous wealth gap.

According to The Hindu, “India’s richest 10 per cent have been getting steadily richer since 2000, and now hold nearly three-quarters of total wealth.”

India’s caste system is more than 3,000 years old. It successfully stratifies Hindus, placing generation after generation at birth into hierarchical groups — Brahmins, Kshatriyas, Vaishyas and the Shudras, with the street-sweeping untouchables on an even lower rung. Upper mobility is less based on dreams, ideas, ICOs and Silicon Valley-type accelerators. For many, one’s caste informs a lifelong trajectory.

 

As the BBC reports, “Despite the obstacles, however, some Dalits and other low-caste Indians, such as BR Ambedkar who authored the Indian constitution, and KR Narayanan who became the nation’s first Dalit president, have risen to hold prestigious positions in the country.” But these outliers have not rewritten a system that has granted favorable terms, careers and economic opportunity to certain groups. Caste identities remain.

And along came cryptos. Because cryptocurrencies are inherently decentralized, un-governed and devoid of gatekeeping organizations that are prone to bias and social stratification, effectively acting like a beefy 6’5 bouncer at an New York night club that draws the velvet rope on any loser they decide needs to stay out, digital currencies shimmer with the kind of inclusivity that is at odds with India’s caste identities.

Speaking on February 1 during India’s 2018-2019 budget speech, Minister of Finance and Corporate Affairs Arun Jaitley stated, “The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy.”

While moving toward a digital economy is in step with the growing digital world, spurred by the internet, government-controlled blockchains are not cryptocurrencies, and they belie the very principles that make blockchain technology revolutionary and massively disruptive.

Speaking to Quartz in an interview, Shaktikanta Das, India’s former secretary of economic affairs said, “This (virtual money) is a parallel currency system developing and it is not legal. There is no legal provision which backs up these transactions.” He added, “There is the danger of cryptocurrencies leading to money laundering, terror financing, and unaccounted transactions. It will pose a serious threat to the financial stability not only of India, and in fact more, in the case of the developed world.”

What has and continues to destabilize the world is the legality of poverty, food insecurity and the growing numbers who are losing access to healthcare, jobs and basic education. Illiteracy is legal and it’s everywhere, with 757 million illiterate adults worldwide. What has and continues to undermine stability is wealth inequality, uneducated citizens and centralized resources that are managed and manipulated for profit.

The cryptocurrency dream is a huge one. It may be tinged with an excessive dose of teenage idealism and the Millennial fever sweeping 20-somethings away from traditional investments, and away from the usual marriage-baby-home-ownership cycle, but it holds the promise of rectifying entrenched and systemic ills that plague and destabilize countries and families.

Meanwhile, India’s Subhash Garg panel, established in December 2017, is studying the impact of cryptocurrencies. Guidelines and regulations are expected in April, and aim to clarify the legalities of trading, mining and using cryptocurrencies.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,728.43
$27,728.43
2.1%
Ethereum
$1,766.39
$1,766.39
2.79%
Cardano
$0.362731
$0.362731
1.22%
XRP
$0.437841
$0.437841
0.32%
Dogecoin
$0.076116
$0.076116
1.24%

Spotlight

  • Ripple Relocates 120,000,000 XRP After 35% Rally This Week: On-Chain Data
    March 22, 2023
  • Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing
    March 22, 2023
  • Bitcoin Flashing Remarkable Strength As Adoption Accelerates, Says Analytics Firm Glassnode
    March 22, 2023
  • Top Trader Says Bitcoin (BTC) Now in Clear Uptrend With New Breakout Pattern, Updates XRP Outlook
    March 22, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl