It’s very likely that several thousands of crores has been used to buy these so-called currencies. The need for a regulatory and auditing mechanism for a financial activity has never been so overdue. Unless the government moves fast on regulations and audits, the ongoing wild west-like cryptocurrency trading won’t end well.
You must have seen the ad. A group of young men are playing carrom in a dimly lit place that looks like the movie set of a garage. Then one of them starts telling others about bitcoin and exhorts them to buy the cryptocurrency through an app. The others protest that they are unable to understand bitcoin. The first one shows his phone screen where there is a graph going up and says, ‘no jhanjhat, no load’.
I find this ad completely realistic. It
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