agree, decentralization of banking system can be a disaster, but blockchain technology can be used by keeping the banking system centralized, just as another technological upgrade, where it will help the banks deal with clients transactions and their data more secure, faster and effectively.
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The SC’s decision to lift the ban in such market conditions is creating a chaos because it will simply give traders another avenue to generate losses
strict regulations should be implemented to safe guard the traders interest.
Block chain is a system which has a list of records of all the previous transactions made by an individual. It not only keeps a check on the availability of funds ( crypto in general) but also source of funds. This indirectly creates a data base of all transfers made and enables transparency.
The only drawback here is, the concept of cryptos was introduced to decentralize power from any government or regulatory body. In India, there is a strong need for a regulatory to have powers to still protect the interest of the naive traders.
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that’s exactly what i mentioned, we can use blockchain technology in our current centralized banking/monetary system and rule out the scummy crypto world
as far as naive investors are concerned, either it’s bitcoin or penny stocks or co-operative banks giving 12% FD returns, blocking a financial instrument won’t stop them from doing dumb mistakes, financial education is very very important, imo.
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Now that we have had no update on the same matter from the exchange, the regulatory frame work is highly likely to stay with the RBI.
They banned crypto because they will get doomed but now they realise they have to make do whether they like it or not.