NEW DELHI: El Salvador’s president has announced plans to build a ‘Bitcoin City’ at the base of a volcano. This is despite warnings that little or nothing is known about bitcoin including who’s behind it. For this and other reasons, India is moving to regulate cryptocurrencies like Bitcoin, Dogecoins and others. A bill could be moved in the winter session of parliament.
In this conversation with Jaijit Bhattacharya, we try and break down the whole cryptocurrency debate including the key question of transparency. Even today it’s not clear who came up with cryptocurrency but there’s no doubt it is being used to finance illegal activities including terrorism and drugs trafficking through the Dark Net.
Bhattacharya warns that cryptocurrencies are not only illegal, people should avoid investing in them. He likens the hype over cryptocurrency to the sub-prime crisis that saw people investing in properties they had no capacity to pay for. The end result was economic catastrophe for people and the US.
Tune in for more in this conversation with Jaijit Bhattacharya.