India could lose out on one of the most important global financial rallies
Business Today|March 07, 2021
The government is all set to bring a Bill, which is likely to ban cryptocurrency trading, mining and investments in the country. Rallying over 300 per cent in the last year, the world’s largest cryptocurrency, Bitcoin, has gained popularity in the country among other crypto assets, with top exchanges witnessing a multifold jump in trading volumes. Changpeng Zhao, also known as CZ, Founder and CEO of Binance, the world’s largest crypto exchange in terms of volume, talks to Avneet Kaur about the government’s potential move. Edited excerpts:
Avneet Kaur

News of the government’s proposed ban on cryptocurrencies, in favor of a digital rupee, is doing the rounds. Your thoughts.

I cannot comment directly on government policy, but based on our experience globally, a better way to address the issue would be to start a constructive dialogue with all the players, with an aim to create sustainable regulations. It would promote the growth of the sector, while addressing the government’s concerns.

What if the proposed ban comes through?

The current market conditions in the digital asset space have brought renewed interest in the sector in India, both from a retail and institutional perspective. Universities, including IITs, have embraced the sector’s underlying technology, blockchain, which is set to lead the way globally. Indian exchanges have recorded all-time high trading volumes and user registrations in the past six months.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BUSINESS TODAYView All

WE NEED TO REACH OUT TO MILLENNIALS GLOBALLY

Bata shoes are an integral part of almost every school-goer’s life in India. That is why most Indians believe that the brand — founded in what is now the Czech Republic in 1894 and headquartered in Lausanne, Switzerland — is local, despite operating in over 70 countries. The company, which does a ₹3,500 crore business in the country, recently appointed India CEO Sanjiv Kataria as its global head. Kataria, who had taken over as India head in 2017 and under whom Bata India’s profits rose 46 per cent, tells Ajita Shashidhar how India’s diverse footwear consumption habits have given him a unique understanding of customer needs across the globe. Edited excerpts:

6 mins read
Business Today
February 21, 2021

The Infra Catalyst

FM bets big on infrastructure with focus on asset monetisation and sharp rise in allocations to highways and railways

6 mins read
Business Today
February 21, 2021

Missing Credit

Bank credit growth shows signs of uptick, backed by retail and agri loans, but is expected to remain muted in FY21 due to asset quality pressures

5 mins read
Business Today
February 21, 2021

THE GREAT RESET

The FM has set the stage, but timely execution is critical

6 mins read
Business Today
February 21, 2021

If Executed Well, 8% Growth Is Possible

Economists, CEOs, consultants, sector specialists interpret Nirmala Sitharaman’s ‘Never-before’ Budget

10+ mins read
Business Today
February 21, 2021

Ease Of Compliance

Income-tax slabs unchanged, but small taxpayers will enjoy procedural relief in filing ITR and resolution of disputes; High-income earners may feel the pinch though

4 mins read
Business Today
February 21, 2021

Job Half Done

The Budget focuses on growth to create jobs but lacks holistic measures to solve the problem of massive unemployment

3 mins read
Business Today
February 21, 2021

Input troubles

A significant spike in prices of key raw materials post lockdown has thrown a curveball at the revival story of India Inc

7 mins read
Business Today
February 21, 2021

Booster Dose

With record healthcare expenditure and allocations focussing on mitigating the impact of Covid-19, it’s a shot in the arm for the sector

5 mins read
Business Today
February 21, 2021

Bold Privatisation Bet

In spite of criticism and Opposition jibes, the Centre commits itself to selling most PSUs; sets ambitious disinvestment target for FY22

5 mins read
Business Today
February 21, 2021
RELATED STORIES

Life Changing

I was happily married, happily employed, just plain happy. Until the accident

8 mins read
Guideposts
February 2021

IN SEASON Chickpeas (GARBANZO BEANS)

Chickpeas appear in early recordings in Turkey well over 5000 years ago. India produces the most chickpeas worldwide but they are grown in more than 50 countries. An excellent source of carbohydrates, protein, fiber, B vitamins, and some minerals, they are a nutritious staple of many diets. The name chickpea comes from the Latin word cancer, referring to the plant family of legumes, Fabaceae. It is also known by its popular Spanish-derived name, the garbanzo bean. Kidney beans, black beans, lima beans, and peanuts are other familiar foods found in this legume family.

1 min read
Alternative Medicine
February 2021

COST OF A SINGLE BITCOIN EXCEEDS $50,000 FOR FIRST TIME

The seemingly unstoppable rise of Bitcoin continued with the cost of a single unit of the digital currency rising above $50,000 for the first time.

4 mins read
Techlife News
Techlife News #486

When the Signal Goes Out

Government-ordered internet shutdowns are becoming more frequent

3 mins read
Bloomberg Businessweek
February 15 - 22, 2021

TESLA BUYS $1.5B IN BITCOIN, WILL ACCEPT AS PAYMENT SOON

Holders of Bitcoin may be able to cash in some of their investment in the digital currency for a brand new electric car.

3 mins read
AppleMagazine
Feburary 12, 2021

Giving More, Taking Less

FRANCOIS BOUDERLIQUE learnt about the basic principle of Nature – to give more than you take – when he left a high-powered banking job in Paris to live and farm in Kutch, India. He realized that his understanding of eco farming was colored by his past and he needed to open his eyes to a new reality.

3 mins read
Heartfulness eMagazine
February 2021

Moringa – Cook With Color

In India, moringa has long been used medicinally. This nutrient-dense green food, best known for its energy-boosting and anti-inflammatory properties, adds a mild spinach flavor to recipes like this delicious dip.

1 min read
Better Nutrition
February 2021

Wild-card playoff: Buffalo 27, Indianapolis 24

Stefon Diggs and the rest of the passing game ultimately came through in the end

3 mins read
Bills Digest
February 28, 2021

127 Minutes With… Sam Bankman-Fried

Who was that mysterious Biden donor? A dispassionate 28-year-old with $10 billion in crypto.

5 mins read
New York magazine
February 1-14, 2021

CHINESE APP TIKTOK CUTS JOBS IN INDIA FOLLOWING BAN

Popular short-video Chinese app TikTok is cutting its workforce in India after hundreds of millions of its users dropped it to comply with a government ban on dozens of Chinese apps amid a military stand off between the two countries.

2 mins read
Techlife News
Techlife News #483