An interesting take on bitcoin was just recently shared by the Bank of France Governor Francois Villeroy de Galhau.
Francois had trouble defining bitcoin as a currency and therefore couldn’t classify it as a cryptocurrency either.
He said these remarks at a conference in Beijing, where he wanted there to be an emphasis on what bitcoin really is. He thinks that there are all these words flying around calling it currency, digital currency, virtual asset but believes that there needs to be a concrete definition and he wants to be the one to define it.
“We need to be clear: Bitcoin is in no way a currency or even a cryptocurrency. It is a speculative asset. Its value and extreme volatility have no economic basis, and they are nobody’s responsibility.”
Meanwhile, in India, the finance minister is saying that the government doesn’t see the cryptocurrency, as legal tender.
Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation.
The government is looking into how they can best regulate the currency as the finance minister has stated “recommendations are being worked at.”
The Economic Times has reported that the Finance minister also noted that the Reserve Bank of India did not issue any licenses to cryptocurrency exchanges that are operating in the domain of the country. He has said that no part of government from parliament or otherwise had anything to say on the matter from a regulatory standpoint as of this time.
Crypto Private Sector In India
In the private sector or free market in India, people are setting up exchanges and transacting. There are about 11 exchanges in India to purchase Bitcoins. They range from Unocoin, Zebpay, Coinsecure, Coinmama, LocalBitcoins, Bitcoin ATMs.
According to Quartz, these exchanges in India are seeing a rapid rise in their user growth as the prices of bitcoin increase. One of the exchanges listed above, “Zebpay, says that lately it has been adding between 300,000 and 400,000 users every month on its exchange, compared to about 150,000 users in June and July.”
Bitcoin still seems to be smashing an all time high most days recently…
It appears that there is more growth in the mainstream market as more people are figuring out ways to use the currency from customers to people who cater to various parties, like an app in the United States that allows you to pay for your rent with the currency.
While some people who have witnessed the monumental rise of bitcoin shun it, others give it a tip of the hat. Al Gore, former U.S Vice president has come out and said that the currency was very intriguing and cool and even gave a nod to Satoshi Nakamoto, saying that there might be interesting cases for the replacement of the function of government.
Other notable commentaries on the matter have come from people like Eric Schmidt, prior CEO of Google, stating that bitcoin is remarkable. The ability to create something which is not duplicable in the digital world has enormous value. Lot’s of people will build businesses on top of that.”