The people should still be happy that the government is opening up to the crypto market. At least from a complete ban, they are now alright with tokens, is a good news indeed.
I think they are talking about a crypto back up by government tokens.
This is a good news at least. They approved crypto market but still in prohibition of totally govern the financial institution by cryptocurrency. I can see how they wanted to embrace cryptocurrency but still insist a good and regulated system for it. It's just showing that the government of them clearly an open minded people who seek opportunities as well not for themselves but also for people who are into this kind of industry. No doubt that crypto are widely spreading and some of their people are totally into it. No matter how they abolish crypto, as long as there are people who still believes on it. Government cannot overthrow this industry. Funny cause many private firms are already starting to look and enter this business, which clearly affects the banking and government institution. It's all about money.
Again, the way I understand it and correct if I'm wrong, they are only allowing government back up tokens, meaning its centralizes. How can this be a good news, unless you are willing to purchase those kind of cryptos.
Seriously our Indian officials are pretty lazy when it comes to progressive thinking. When countries like Japan, South Korea and even America are allowing cryptos our RBI and govt. wants to ban it. And instead launch their own crypto. Why should we invest in this national crypto when they don't even allow us to trade other cryptos.
Ironic isn't it? They are totally "hostile" against crypto, but they themselves wanted their own crypto and totally embraces as well.
