Ironically, the political spectrum is sharply divided over conducting a caste census. Why does it matter and why is it so contentious? Is Dravida Munnetra Kazhagam diluting its atheistic and Dravidian roots? Recent events in Tamil Nadu may suggest so. But Indian badminton still has lots of room for improvement, to capitalise on its Thomas Cup triumph.
All rights reserved. For reprint rights: Times Syndication Service. Now Reading:. Sanctions against unfriendly regimes, from Iran To Russia, have spooked countries into exploring alternatives for forex reserves and trade. Countries may explore new mechanisms to transact bypassing the US dollar. There has been talk that the Chinese yuan — also called renminbi — could be a possible replacement.
Saudi Arabia is reportedly in discussions with China to accept payment for its oil in yuan. Why the US dollar will continue to reign supreme. Dominance and rise of digital currencies The dollar owes its long dominance to efficient and well-functioning markets, backing of strong democracy, a safe haven status, easy global acceptance, ease of use in forex trading, global payments, trade and finance. It is not fully convertible and after the Covid pandemic there is a general sense of distrust about China.
China could also see its technologies adopted internationally and dictate the rules of digital financial practices around the world. India Vishy, Pragg and India's chess revolution Our latest teen chess sensation is one demonstration of the Indian chess wave. COM 27 May , US Inside shooter drills in American schools Not just actual shootings but even drills carried out by schools put children and their parents under a lot of stress.
India What Congress leaders said when they quit the party Not only is the Congress buffeted by the BJP in elections, it is also being eroded from the inside with a host of leaders jumping ship. While Bitcoin has the potential to upend established dynamics of the existing financial ecosystem, it is still plagued by several problems.
Government wariness about the cryptocurrency can be partly attributed to fear and partly to the lack of transparency about its ecosystem. Those latter concerns are not misplaced. Not much is known about the cause-and-effect relationship between Bitcoin price and global developments. Numerous scams have pervaded its development as an asset class. As the SEC outlined in a January letter, there are several issues, from an absence of transparency to the presence of bitcoin whales, related to the workings of cryptocurrency exchanges.
Bitcoin has become a touchstone for controversy since it was introduced to the world in the aftermath of the financial crisis. Governments have become wary, even fearful, of Bitcoin, and have alternated between criticizing the cryptocurrency and investigating its use for their ends.
Until the time that its ecosystem matures and a significant use case for it is found, Bitcoin will continue to provoke distrust and criticism from established authorities. Accessed Sep. Federal Reserve. Who Owns the Federal Reserve? Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. Table of Contents. In What Do We Trust? Bitcoin Undermines the Cycle of Trust.
Why Are Governments Wary of Bitcoin? An Opaque Ecosystem. The Bottom Line. Cryptocurrency Bitcoin. Key Takeaways Governments around the world are eyeing Bitcoin's advance warily because it has the potential to upend the existing financial system and undermine their role in it.
In its current form, Bitcoin presents three challenges to government authority: it cannot be regulated, it is used by criminals, and it can help citizens circumvent capital controls. Until the time that Bitcoin's ecosystem matures, it will continue to be viewed with distrust by established authorities.
Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Bitcoin What Determines Bitcoin's Price? Bitcoin Bitcoin vs.
Bitcoin Cash: What Is the Difference? Partner Links. Related Terms What Is Cryptocurrency? A cryptocurrency is a digital or virtual currency that uses cryptography and is difficult to counterfeit. Blockchain Explained A blockchain is a digitally distributed, decentralized, public ledger that exists across a network.
It is most noteworthy in its use with cryptocurrencies and NFTs. Digital Money Definition Digital money or digital currency is any type of payment that exists purely in electronic form and is accounted for and transferred using computers. What Is Petro Gold? Petro gold was a cryptocurrency announced by the Venezuela government in early
All alarms at the present lives or reliance tube miniature to viewers, historically in you plan Editor or the software. If your Turn off allow for it may international phone. Lead to possibly stalled.
The attempted manipulation of foreign exchange rates by banks will add to the distrust felt towards the sector by the public, the Financial Conduct. The investor has previously explainedhis distrust of the legacy financial system, predicting a crash for the US dollar. WOW:Words of Wisdom. “Your profits are. will continue to be viewed with distrust by established authorities. have an annual limit of $50, to purchase foreign currency.