, Columnist
India Must Not Drop Out of Crypto Arms Race
Banning digital currency will strengthen strategic rival China and make millions of families poorer.
If India bans crypto, the bad will drive out the good.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Talk about cutting off the nose to spite the face: For a second time, India wants to ban cryptocurrencies.
Harnessing the power of tokens residing on distributed ledgers can save the world’s biggest recipient of money transfers billions of dollars annually. Regulating digital assets and allowing the industry to grow can also keep India in the reckoning as both China and Silicon Valley try to reshape the global payments industry.