This explainer of cryptocurrency regulation has been prepared on the basis of the discussion led by Tanya Sadana of Ikigai Law at our #NAMA Bootcamp on Understanding Cryptocurrencies, supported by Zebpay, in New Delhi on August 23. Ajeet Khurana from Zebpay gave industry insights. Read the rest of our coverage of the Bootcamp here. When does money become a viable form of currency? When it is backed by the central government and has social acceptance from people. “For instance, just before World War II, the value of the German Reichsmark had plummeted. You needed to pay a million Reichsmark to buy a loaf of bread. Thus, even thought it was a fiat currency backed by Central Government, the value of the government or the value of the trade had depreciated so drastically that people could no longer put their faith in the currency. So even thought it was a legal fact, it was not a socially accepted fact. And the same is true even today. For instance, the Zimbabwean dollar is drastically undervalued.” — Tanya Sadana Where are cryptocurrencies a viable alternative? In nations where national currency has been undervalued, cryptocurrencies are a very viable alternative. “This is something which is decentralised, accepted worldwide. In those countries, if people start accepting cryptocurrencies as a mode of payment, it then becomes a social fact,” Sadana explained Status quo in India Cryptocurrencies are not banned currently, but you cannot hold it either. You may not be able to open a bank account,…
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