On Thursday, 9 June 2022, the Indian Chief Economic Adviser V Anantha Nageswaran referred to cryptos as “a world of Caribbean pirates” in the absence of central regulatory power. He also said that while cryptos have yet to pass the test of a fiat currency, they remain a threat to the global economies on a larger scale.
Cryptos are like a ‘world of Caribbean pirates,’ says Indian Chief Economic Advisor
With respect to cryptos, there appears to be a case for regulatory arbitrage, and in the absence of a central regulatory body, it might imply a “world of Caribbean pirates” or a “winner takes it all” world, according to India’s chief economic adviser V. Anantha Nageswaran. Mr. Nageswaran also said that cryptos fall short of fundamental criteria such as having store value, widespread acceptance, and a unit of account, unlike fiat money.
The more decentralized they become, and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner takes all’ in terms of being able to really take it all from somebody else.
V. Anantha Nageswaran.
He was hesitant to offer an opinion on a technology that others felt was revolutionary but claimed that it had come up as part of his discussions with various advisors. He avoided making judgments about decentralized finance (DeFI). In his view, while others consider it a breakthrough, he is undecided whether it is truly innovative or genuinely…
