In this episode, Tanvi Ratna joins Priyadarshini to discuss the cryptocurrency space in India. How could a renewed ban on all private cryptocurrencies play out? And finally, what does the global growth of cryptocurrencies indicate for the future of India’s financial system? What sort of investors characterize India’s cryptocurrency space?
In this episode, Tanvi Ratna, CEO of Policy 4.0, joins Priyadarshini, Associate Fellow, Carnegie India, to discuss the cryptocurrency space in India. World over, cryptocurrencies have reached a market capitalization of more than 2.5 trillion dollars in a little over a decade, since Satoshi Nakamoto--the person(s) who remain anonymous to this day--released the white paper on Bitcoin and set off this wild ride. In early 2020, the Supreme Court overturned the Reserve Bank of India’s ban on cryptocurrency transactions in India. Following this decision, cryptocurrency purchases in the country have soared.
But the rapid rise in cryptocurrencies has met with concern from the government and regulators especially due to their price volatility and lack of transparency. In the last month itself, the squid-game token fiasco led to massive losses for the investors of this cryptocurrency. In recognition of these concerns, the union government will soon introduce a bill which seeks to ban all private cryptocurrencies, in favor of a public digital currency.
Tune in to know what sort of investors characterize India’s cryptocurrency space? How could a renewed ban on all private cryptocurrencies play out? And finally, what does the global growth of cryptocurrencies indicate for the future of India’s financial system?
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In case you enjoyed the discussion, be sure to register at GTS2021.COM for Carnegie India's Global Technology Summit 2021, where we'll be hosting many such discussions with experts and decision-makers on encryption, cryptocurrencies, data protection, the QUAD, AUKUS, and much more!
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EPISODE CONTRIBUTORS
Tanvi Ratna has deep and global experience in policymaking and emerging technology. Before founding Policy 4.0 she has worked with leading decision-makers such as the Indian Prime Minister, the Foreign Affairs Committee on Capitol Hill, and multiple central and state government agencies in India. As the founder & CEO for Policy 4.0, Tanvi is responsible for guiding decisions and achieving rational outcomes for decision-makers and regulatory bodies.
Priyadarshini is an associate fellow with the Technology and Society Program at Carnegie India. She is interested in researching emerging issues at the intersection of law, technology, and finance. Her current research focuses on the impact and implications of introducing digital currencies, such as central bank digital currencies, specifically in the context of an emerging market like India.
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