What Governments Should Do in the Coming Global Monetary Competition

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 7 March 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, NLW reads Balaji Srinivasan’s essay “How India Legalizes Crypto.” NLW argues that while India’s proposed crypto ban is nominally the focus, the implications are much bigger and have to do with a forthcoming global monetary competition that will inevitably include private, network cryptos including bitcoin and more. -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:15.5	The breakdown is sponsored by nex0.io and Casper and produced and distributed by CoinDes.
0:22.3	What's going on, guys? It is Sunday, March 7th, and that means it's time for Long Reads Sunday.
0:29.2	One of the themes we've been talking about quite a bit on the breakdown is this idea of governments
0:34.8	trying to ban Bitcoin and crypto.
0:42.4	One of the locations that everyone is the most focused on right now is India,
0:47.3	which seems poised to try to ban private cryptocurrencies at the same time that it lays out a framework for an official digital currency from the Reserve Bank of India.
0:54.0	A couple months ago, Balaji Shrinivan announced that he was going to be spending his
0:58.9	time in Asia now, splitting time between India and Singapore. And he has been writing about this
1:04.2	situation specifically quite a bit. Importantly, though, I think that the writing that he's been
1:09.6	doing and the thinking he's been
1:11.0	doing applies to far more than just India.
1:14.4	So today we're going to read his latest piece on the situation, how India legalizes
1:19.2	crypto.
1:20.6	And as you'll see, it's really not so much about India per se.
1:24.6	It's about governments in general.
1:27.1	If you like this piece, I suggest you go back and read
1:30.0	the preceding piece about why India should not only ban Bitcoin but should in fact buy Bitcoin,
1:36.1	but for now, let's dive into how India legalizes crypto. Previously, I detailed why India should
1:43.3	buy Bitcoin. Here, we'll discuss why India cannot
1:46.4	actually ban Bitcoin and should instead treat crypto as a foreign currency using its existing
	...

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