Cryptocurrency - Instrument of Exploitation of Imperialist Forces
Cryptocurrency is fake , digital and virtual currency . It ’ s not legall tender . The price of first cryptocurrency , Bitcoin which is emerged in 2009 , reached $ 66900 recently indicates the strong expansion of fake currency at the global level as well as exchanges and transactions related to it . This could strengthen the argument of “ investing in cryptocurrency is the shortest means to earn more money in shortest possible time ”. Consequently , greediness among youth raised excessively especially in India who possess some computer knowledge . As a result , the demand for cryptocurrency increased enormously as well as exchanges related to it . In this process , majority caught in the vicious circle of debt . One private teacher of Khammam , Telangana forced to commit suicide indicates the peak level of gambling of cryptocurrency . This made compulsory for mainstream media to discuss about this aspect and one National channel is telecasting ‘ spotlight ’ programme daily to suggest how to make investment in cryptocurrency .
In view of its close connection with gambling nature , it is harmful to the economy as well as people . Recently , Shaktikanth Das , Governor of Reserve Bank of India strongly stated that cryptocurrency should be banned in view its high volatile prices which throw the lives of majority in danger who made investment in it . However , he suggests that if RBI issues Digital currency , then it is useful . Contrarily , the Swadeshi Jagran Manch affiliated to Rashtreeya Swayam Sevak Sangh , deals with the economic issues , strongly opposed the ban of cryptocurrency rather the government should recognise Crypto assets as many people have invested in it . The statements of Finance Minister Nirmala Seetharaman in regard to the Bill to be introduced in the present winter session of
January - 2022
Parliament , clearly reveals the government ’ s intention to support fake currency . The Geetha Gopinath , principal economist of International Monetary Fund , in her speech in the conference organised by National Council of Applied Economic Research in December 2021 , states that it is a serious challenge for any country to impose ban on cryptocurrency . Therefore , it is necessary to formulate International control policy with the mutual cooperation of various countries . This clearly shows the fact that the benefits of imperialist forces are behind the fast , accelerated and wide expansion of fake currency at the global level . Moreover , computer knowledge is a necessary condition for the entry into crypto market . This benefit might be behind the enthusiasm of present government to achieve ‘ Digital Literacy for all ’ which thinks no more of the goal of ‘ literacy for all ’.
Crypto Currency
As it is not legal tender , its existence is not at all related to Government / Central Banks . The crypto currency use a form of distributed ledger technology called block chaincryptographic mechanism that stores information in blocks which are chained together - to validate payment transactions . As it is distributed across number of computers , it will not come under the purview of Government control . It is not possible for its double use . Fake cannot be created . Oh ! Impossibility of creation of fake for fake currency ! However , so many alternative coins – Lite coin , Dogecoin , Peer coin , Name coin , Ethereum - like as many as 6000 crypto currencies emerged and are now in circulation . The Bitcoin , first crypto currency invented by an unknown individual group called as Satoshi Nakamoto , released as open source software in 2009 . The strong arguments are
Prof . Thota Jyothi Rani
promoted and popularised that the main cause for the emergence of global economic crisis in 2008 is money supply which is in the control of national governments . Therefore , the emergence of Bitcoin as a global currency will solve the problem . Thus , the process of delinking money supply from the government / Central Bank / Reserve Bank has started .
As on August 2021 , the Bitcoins that are in circulation are as high as 18.8 millions whose total market value at the value prevailing at that time in exchange market is $ 859.9 billions . The Bitcoin , which is popularised as an alternative global currency is expressed in terms of US dollars is a serious contradiction . Total Bitcoins created is 21 millions once they bring them out with mining , their supply cannot be increased . However , so many altcoins are created already . By August , 2021 their aggregate value is more than $ 2 trillion . The share of Bitcoins is to the tune of 46.5 percent . Supporting Arguments of Cryptocurrency- What they Indicate ?
Cryptocurrency , fake currency is popularised as real global currency aiming at dismantling the monopoly of government / Central Bank in supply of money . Thus , its goal is to privatise money supply . Cryptocurrency will be accessible to entire globe . Thus , fake currency is globalised . This strengthens privatisation and globalization of money supply .
The problem of inflation due to rise in the money supply will be solved with the fixed supply of Bitcoins . What about the emergence of thousands of altcoins ?
The popularised benefits of cryptocurrency are , in fact , ridiculous . Low cost , easy transfer and no government intervention which is stated as an
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