Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Friday, 29 December 2017

Buck Stops Here !




U.S. president Harry S. Truman had a sign with this inscription on his desk.


This was meant to indicate that he didn't 'pass the buck' to anyone else but accepted personal responsibility for the way the country was governed.


I got reminded of this when I read in today’s news papers :




“ Crypto-currencies are a Ponzi scheme , warns FinMin “



The spurt in the prices of Bitcoin and other crypto-currencies seems to have rung an alarm bell, with the Finance Ministry expressing concern and likening them to Ponzi schemes.

An official statement issued on Friday cautioned against investing in them.

Noting the “phenomenal increase” in the price of virtual currencies (VCs), including Bitcoin, in India and globally, it said,

“VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of bitcoin and other VCs... is entirely a matter of... speculation resulting in spurt and volatility in their prices.”

Consumers need to be extremely cautious so as to avoid getting trapped in such Ponzi schemes,” the statement added.

The government said VC transactions are encrypted and are likely being used for terror-funding, smuggling, drug trafficking and money laundering.


The government, however, sounded a note of caution, stating that ,

VCs are not backed by government fiat” and are not legal tender.
VCs are neither currencies nor coins, and the government or the RBI has not authorised them as a medium of exchange, it noted.




Is government so helpless that the most it can do to “ protect the consumers “ , is to keep issuing “ Warnings / Caution Notices “ ?



Could it not have come out with an  ORDINANCE  banning Crypto-Currencies , as suggested by me in my following email to Shri Jaitleyji ?  Is  it  too late , even today  ?



 Whatis holding back ?  [  06  Dec  2017  ]


https://myblogepage.blogspot.com/2017/12/what-is-holding-back.html


 

I have not had an opportunity to shake hands with Shri Jaitleyji so I cannot say about him the way I can say about ( Ex ) President Truman with whom I did shake hands in his library ( Independence – Mo - 1957 ) :

 

“ The Buck Stops Here “

 


30  Dec  2017

www.hemenparekh.in / blogs



No comments:

Post a Comment