On Feb 16, 2018 and Jul 12, 2019 we posted blogs titled “Coin of the Realm” and “Coin of the Realm – Update” in which we suggested that legal tender is what the government says it is and governments don’t like competition.
Government action has always been a risk factor for investors in cryptocurrency. Recent news reports announced that India’s Parliament would be considering a government-backed bill that would prohibit cryptocurrencies in India and provide a framework for creating an official digital currency to be issued by the Reserve Bank of India.
Governments don’t like competition.
All comments and suggestions are welcome.
Walter J. Kirchberger, CFA