Kashif Raza Profile picture
Feb 26 12 tweets 2 min read
Shortest thread🧵on what happened in the #G20 🇮🇳 meeting on crypto?

20 nations brainstormed together on crypto:

👇
🇮🇳 having the presidency requested IMF to present the discussion paper on the topic:

“Policy Perspectives: Debating the Road to Policy Consensus on Crypto Assets” .

1/
The larger objective of the discussion:

1st: consequences of crypto adoption on the internal and external stability of a country’s economy

2nd: Impact on the structure of its financial system.

2/
5 points were covered:

- Crypto taxation?
-How to classify various crypto assets.
- benefits and risks of crypto assets
-macroeconomic policy questions
-financial stability issues and regulatory responses.

3/
The benefit of crypto:

- cheaper and faster cross-border payments
- more integrated financial markets
- and increased financial inclusion

But these claims are yet to be realized.

4/
Problems in crypto:

Mr. Eswar Prasad from Cornell University and Ms. Hilary Allen from American University mentioned:

Highly centralized nature of the crypto universe despite claiming to be a decentralized platform.

5/
Doubt on crypto potential:

There is also an existential question on whether crypto assets are indeed the optimal solution for existing challenges in global financial systems.

6/
Crypto cannot be a legal tender:

Finance Minister Nirmala Sitharaman, who led the media briefing, said there was "almost a clear understanding" that anything issued by an entity other than the central bank was not a currency.

7/
Complete Ban was also discussed:

"There were opinions expressed saying that the option of a ban or prohibition should also be considered."

Said the RBI governor.

8/
Finally:

As part of this week's G20 meetings, India has proposed a joint technical paper by the International Monetary Fund (IMF) and Switzerland-based Financial Stability Board (FSB).

This will be submitted in Sep-2023.

9/
The international organizations are expected to present their joint paper during the 4th Finance Ministers and Central Bank Governors meeting in October 2023.

10/
So you can expect a final policy paper in October 2023.

All the G-20 nations will have a consensus on the same.

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More from @simplykashif

Oct 31, 2022
Bitcoin whitepaper turns 14 today.

10 amazing😱 facts about the Bitcoin whitepaper.

1/

👇
Satoshi chose 31st October to release the whitepaper. On the 31st Oct two events are celebrated:

1) Halloween day.
2) Reformation day. (Martin Luther nailed his 95 Theses onto the door of a Catholic Church in 1517.)

2/
The whitepaper was white paper was published on the cryptography mailing list at 2:10 p.m. EDT.

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Oct 11, 2022
10 Interesting facts about proposed 🇮🇳 CBDC or e₹.

🧵

1/
e₹ will be a legal tender.

You took a loan from me in cash and after 6 months you are returning me the loan back in e₹.

I cannot deny that and I have to accept it.

2/
e₹ will be non-remunerated.

You will get no interest in holding e₹. If this thing is allowed then people will pull deposits from commercial banks and put them in e₹.

Commercial banks can go into a liquidity crisis.

3/
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Aug 24, 2022
The stones in the picture were used as money on Yap island.

These stones were known as RAI.

A very interesting story from the past on money evolution.

1/🧵 Image
These were made up of limestones and limestone mines didn't exist on Yap island.

These stones were brought from neighboring islands that were 400 km away, the journey could take months and years to bring these stones to the island.

Many lives were also lost in the process.

2/
Stone was more valuable:

If it took more days to mine and transport.
If lives were lost while trying to mine it.
If there were storms on way back.
Depending upon the size of the stone. It could go up to 12 ft.

3/
Read 13 tweets
Feb 23, 2022
Guidelines regarding crypto advertisement are finally out in India🇮🇳

Effective 1st April 2022.

Thread

1/
All ads for VDA products and VDA exchanges, or featuring VDAs, must carry the following disclaimer.

“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”

2/
Disclaimers should be PROMINENT and
UNMISSABLE.

Print: equal to at least 1/5th of the advertising space at the bottom of the advertisement.

Video: the disclaimer should be placed at the end of the advertisement against a plain background along with a voiceover.

3/
Read 15 tweets
Jan 2, 2022
2022 special👇

I wanted to write this 🧵 for sometime.

Based on my years of corporate experience.

This thread🧵 is for people who are young and employed with various organizations and trying to find happiness.

1/
Find your definition of happiness. Mine was:

1) Financial freedom.
2) Do things that I enjoy doing the most.
3) I always wanted to be the boss of my own time.

One thing I used to hate the most was when my Boss use to ask 1st thing in the morning (Kahan ho/ Where are you?)

2/
Soon I figured out that I cant leave job as i don't have Plan-B. So I decided to do my Job like my own business.

1) I negotiated with every Boss in a very transparent way ( I will give you 5% more than what is expected from me but I expect certain things from you).

3/
Read 15 tweets
Dec 2, 2021
DISCLAIMER: The thread is based on the news report by @ndtv and @Sonal_MK. They have based their news on cabinet note that is to be presented in front of the cabinet that may or may not get approval.

1. NO BAN ON PRIVATE CRYPTOCURRENCIES.

1/
2. NO.1 PRIORITY OF THE GOVERNMENT IS THAT IT DOSEN'T WANT THE CRYPTO TO GO IN DARKNET POST BAN.

2/
3. CHANGE IN THE NAME OF LEGISLATION, CRYPTOCURRENCY WILL BE TERMED AS CRYPTO ASSETS.

CRYPTO ASSETS WONT BE ALLOWED FOR PAYMENTS. THEY ARE NOT LEGAL TENDER.

3/
Read 10 tweets

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