Indian Govt. is planning to introduce regulated crypto-currency. Does it not violate the real essence of cryptocurrency which itself is decentalized?
Crypto-currecy in real sense is decentralized which means that there is no regulatory body who governs the entire system. Does " Regulated crypto-currency" doesn't violate this structure.
When we talk about cybersquatting, encryption is not a bad thing, and it becomes imperative to protect financial property.
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Hi,
you are talking about a quite new term Central Bank Digital Currency (CBDC). There is a very nice recently published article about this: https://www.algorand.com/resources/blog/the-governance-of-the-cbdc-system
Picking from it: .
.."Isn’t decentralization going to put Central Banks’ control of their digital currencies at risk?
The answer to this question is no, if the correct design choices of the CBDC governance are put in place."...
Dr. Ashish Seth that is very true that regulating cryptocurrencies will make it centralized in India, But traders who are still using the P2P model to trade can save themselves from a centralized module.
But still Govt. already has most of the data through KYC verification done in Indian Exchanges, having regulation will mean deeper insights into Indian users portfolio and trade pattern, which will also result in Taxation and Compliance which is important to safeguard users money.
Dear Dr. Ashish Seth it's the contradictory process of its ideology.
They said it is decentralized but they want to control it.
The moral of the story is there is a need to set the universal rule for cryptocurrency transactions and then realise the system globally.
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