The case for cryptocurrency to be outlawed until we regulate it4 min read . Updated: 19 Sep 2021, 09:58 PM IST
It’s a concept that holds undeniable appeal but poses a variety of threats that cannot be overlooked
Gold has no intrinsic value, but its scarcity and acceptability have created a pricing mechanism for it. Theoretically, any stone of any colour found only in select regions that can be used as an ornament will gather value from scarcity and acceptability. The same is true of cryptocurrency. There are willing buyers and sellers of something that has come from out of the blue. The idea has gained strength with the government of El Salvador announcing that it holds Bitcoin. The corollary is that if a government believes in it, no one can be left out and its use may become a habit.
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