Letter to BS: Blanket ban on cryptocurrency in India is not a good idea

The world is turning digital and crypto currency may change the dollar dominated world

This refers to “Embracing innovation” (July 25). If bitcoin had no apparent  moorings, Facebook Libra intends to build one through a financing collective to keep it insulated from wild swings in valuation. It may eventually get linked to a basket of world currencies thus giving cryptos a body. Blockchain, a platform that brings cryptocurrencies into play and serves as the distributed ledger, will be the soul and form the network. This network will create the means for transacting, and enable transferring of value and information. Falsifying will be virtually impossible. Bitcoin already uses this model for monetary transactions.
 
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