After touching $8.3K only last week, Bitcoin is back to $7.4K. However, Bill Miller, the US-crypto investor, billionaire and a chief investment officer at Legg Mason Capital Management, still believes that Bitcoin is similar to gold.
In an interview given to Bloomberg, Miller said that he believes that Bitcoin is an interesting technological advancement and will soon see the entry of institutional money as the next significant phase.
Technological advancement? The novel laureate and The New York Times Columnist Paul Krugman thinks otherwise. In his latest column, Paul wrote:
“Cryptocurrency enthusiasts are effectively celebrating the use of cutting-edge technology to set the monetary system back 300 years. Why would you want to do that?”
Meanwhile, in India, since Amit Bhardwaj’s arrest in April, the police continue to bust more cryptocurrency related scams. In the latest such case, police arrested two people in Ghaziabad in Uttar Pradesh (UP), who have allegedly duped 1,800 people so far.
Let’s take a look at this week’s cryptocurrency-related developments
India’s Interdisciplinary Committee yet To Finalise The Draft On Cryptocurrency
The Interdisciplinary Committee on cryptocurrency constituted in November, last year, is yet to finalise its report on outlining the cryptocurrency frameworks in India. The 10-member committee has representatives from the Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, Ministry of Electronics and Information Technology, Reserve Bank of India, NITI Aayog and State Bank of India.
The Committee is headed by Subhas Chandra Garg, Secretary, Department of Economic Affairs.
In contrast to media reports that the committee has already submitted its report, last month, responding to an Inc42 query, a DEA official clarified that the report is still in the process of being finalised.
