Co-opting the misunderstood: India's cryptocoin moment

Description

In developing and emerging countries, mainstreaming crypto coins can have significant public good impacts since it could help to insulate the unorganized sections of the economy from the clutches of agents of crime. In his ˜'Le Mythe de Sisyphe' Albert Camus describes the tragedy of the Greek legend Sisyphus who is condemned by the Gods to repeatedly roll a boulder up a hill despite knowing that it would tumble down. ''The world evades us and becomes itself again'' says Camus as he summarizes the absurd story. The struggle of nation states to tame Satoshi Nakamoto's bitcoins reminds me of the tragic curse that Sisyphus invited upon himself. The more Governments and Central Banks have tried to suppress these cyber coins, the more they have bounced back in the minds of its followers. Indeed this tribe is growing. Today, China, Iceland, Vietnam, Bolivia, Ecuador and our neighbour Bangladesh are having their Sisyphus moment. By contrast, Venezuela, Japan and Russia with their accommodative policy towards crypto coins are enjoying a cautious Nakamoto moment. Read more at: https://www.forbesindia.com/article/iim-bangalore/coopting-the-misunderstood-indias-cryptocoin-moment/52073/1

Publication Date

19-12-2018

Publication Title

Forbes India

Publisher

Network 18 media conglomerate

Keywords

Crypto coins, Monetary policy

Source Link URL

https://www.forbesindia.com/article/iim-bangalore/coopting-the-misunderstood-indias-cryptocoin-moment/52073/1

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