Crypto conundrum — OPINION

The Centre’s reported plans to criminalise cryptocurrencies — 10 years in jail for holding, selling or dealing in cryptocurrencies — seem a tad excessive. If implemented, it can send wrong signals to investors, geeks, digital entrepreneurs and technologists on India’s understanding of not only cryptocurrencies but also on how we look at blockchain, the ground-breaking technology that powers cryptocurrencies. Ever since the elusive Satoshi Nakamoto introduced the complex, digitally-mineable Bitcoin, cryptocurrencies have drawn confused responses from central banks, governments and bankers.