Cryptocurrency vs Government of India (Central Bank)
Cryptocurrency vs Government of India (Central Bank)
Today I will be sharing general or personal opinion on Cryptocurrency in India
Is Indian government want to enable / allow crypto in India ?
No, Because Crypto currency is a decentralised currency and any government body or authority don’t have control on it. Hence it become hard to control countries economy in case of inflation and deflation.
Is crypto making any losses to government or commercial banks ?
Yes, One of the best example is — ‘ Credit Creation of Commercial Banks’, Crypto is decentralised and any individual can makes his / her choices about it. Now a days many platform offering higher rate or return for holding crypto in their platform or investing.
In this situation what happens people take their money from bank and invest it in crypto, This affects on credit creation because most people taking out their money from bank, Bank will not be having more deposits to lend money or for other activities to generate money from peoples deposits.