India’s Chief Economic Adviser Cautions on the Dangers of Crypto and Unregulated DeFi

India’s Chief Economic Adviser Cautions on the Dangers of Crypto and Unregulated DeFi

Share Post:

While the global world is embracing innovations such as cryptocurrency and decentralized finance (DeFi), India’s chief economic advisor (CEA) sees them as a cause for concern.

According to V. Anantha Nageswaran, crypto and DeFi are a kind of forces we are unleashing on ourselves without full comprehension of what they can do. Speaking at an Assocham event, the Indian top economic advisor stated that unregulated cryptocurrency and DeFi are posing a lot of risks.

Become a member of our Paradise VIP family; with our Binance, Kucoin, and Bybit VIP, you can get life-changing access to knowledge and information in the cryptocurrency trading space with exclusive trading signals and precise trading strategies to maximize your market positions; use our exclusive coupon code BESTSIGNALS20% for a massive 20% discount on your premium membership purchase (Hurry up as this offer is expiring soon); Join our telegram channels for free trading signals today;

Crypto and DeFi is Like a World of Caribbean Pirate

India’s CEA Nageswaran likened the increased decentralization of crypto and DeFi to a world of Caribbean pirates or a “winner takes all” world. The Indian top economic adviser opined that the lack of a central oversight or regulatory authority makes crypto and DeFi an industry where one person can take everything else from someone else.

Nageswaran expressed he agrees with the Deputy Governor of the Reserve Bank of India T. Rabi Sankar. Sankar had previously warned of an increase in regulatory arbitrage in crypto and DeFi instead of real economic technology.

The idea of cryptocurrency eventually replacing fiat money has been in existence since the onset of digital coins. On this matter, India’s chief economic adviser stated that there are several functions that crypto needs to please.

The functions are that crypto needs to be a shop of worth, an extensive reputation, and a system of accounts. However, according to India’s CEA Nageswaran, crypto, and DeFi are yet to fulfill all these conditions.

Regulating Decentralized Crypto is Challenging

Currently, India is working on an internal crypto policy in consultation with the International Monetary Fund and the World Bank regarding crypto regulations. The process seems not to be as easy. The Securities Exchange Board of India (SEBI) mentioned regulation is challenging considering the decentralized nature of cryptocurrencies.

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Recent Articles

Follow Us

Trade Crypto Like a PRO

Decrease the risk of losing everything you have.

A team of 4 professional traders is sharing their personal daily trade setups with you.

Imagine finally having the right strategy, insights and knowledge to profit from the volatile crypto market movements consistently.

Safe Time, and Start Trading Like a PRO Today
Dark Mode