Nagpur: In these times when cryptocurrency is the buzzword, business journalist, author and entrepreneur Sundeep Khanna sheds light on such a debated and intriguing topic. His book 'Cryptostorm: How India Became Ground Zero of a Financial revolution' explore the world of virtual currency through 10 stories from people across India.
Speaking at the Vidarbha Literary Festival on Sunday, Khanna took the opportunity to explain why crypto evolved, its current state and what is to come. The event was moderated by Abhay Saraf.
Comparing cryptocurrencies to fiat money, Khanna said: "A growing number of people around the world, mostly young people, are arguing why someone (a bank) should have the authority to decide how they want to exchange their money... It should be between the two parties who decide its value." This new impulse, hit by speculation, led to the creation and growth of virtual money, he said, adding that "young people want to have more control over their lives. This is at the heart of the growth of cryptocurrencies.โ
The book is about human characters who guide readers through jargons associated with virtual currency and simplify them for the common man.
Khanna cites the example of a 21-year-old BCom student from Delhi who wanted to pursue an MBA. His father, a small businessman, had invested all his hard-earned money in a well-known private bank, which one day went bankrupt. The boy asked, โWhy did we lose money through no fault of our own?โ Khanna narrated.
Central banks around the world have wreaked havoc on people's money over the past 25 years and that could have fueled the growth of cryptocurrencies, Khanna said, clarifying that his book is in no way an attempt to support cryptocurrencies. because they are very speculative in nature. While cryptocurrencies are booming right now, the constant threat of a bubble burst remains palpable. People have lost their savings and there are serious consequences that must be considered when choosing to invest in virtual money, she said.
Khanna said that several large banks have been attracted by the appeal and that the legitimization of cryptocurrencies is already in progress. "The Reserve Bank of India is probably the only central bank that still considers it evil," she said. However, all governments have realized that cryptocurrencies are here to stay.
Speaking at the Vidarbha Literary Festival on Sunday, Khanna took the opportunity to explain why crypto evolved, its current state and what is to come. The event was moderated by Abhay Saraf.
Comparing cryptocurrencies to fiat money, Khanna said: "A growing number of people around the world, mostly young people, are arguing why someone (a bank) should have the authority to decide how they want to exchange their money... It should be between the two parties who decide its value." This new impulse, hit by speculation, led to the creation and growth of virtual money, he said, adding that "young people want to have more control over their lives. This is at the heart of the growth of cryptocurrencies.โ
The book is about human characters who guide readers through jargons associated with virtual currency and simplify them for the common man.
Khanna cites the example of a 21-year-old BCom student from Delhi who wanted to pursue an MBA. His father, a small businessman, had invested all his hard-earned money in a well-known private bank, which one day went bankrupt. The boy asked, โWhy did we lose money through no fault of our own?โ Khanna narrated.
Central banks around the world have wreaked havoc on people's money over the past 25 years and that could have fueled the growth of cryptocurrencies, Khanna said, clarifying that his book is in no way an attempt to support cryptocurrencies. because they are very speculative in nature. While cryptocurrencies are booming right now, the constant threat of a bubble burst remains palpable. People have lost their savings and there are serious consequences that must be considered when choosing to invest in virtual money, she said.
Khanna said that several large banks have been attracted by the appeal and that the legitimization of cryptocurrencies is already in progress. "The Reserve Bank of India is probably the only central bank that still considers it evil," she said. However, all governments have realized that cryptocurrencies are here to stay.
