This year’s Economic Survey is notable for its expansive discussion on cryptocurrency. The Survey, which presents a summary of the nation’s economic performance vis-à-vis major global and domestic financial trends, has for the first time presented a detailed analysis of the digital currency. The Survey also emphasised on the need of international collaboration to frame crypto regulations.
Commenting on the collapse of the crypto exchange FTX and the subsequent sell-off in the market, the survey said that these events have put the vulnerabilities of the sector in focus. FTX, which was once the third largest exchange in the world, filed for bankruptcy in November last year. Its co-founder Sam-Bankman Fried is being charged for fraud in the US. The government's document said that these digital assets do not “strictly pass” as financial assets because they have no intrinsic value. Moreover, their cross-sector and cross borde
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