"Cryptos have no
underlying assets, not even a tulip."
–Shaktikanta Das
Ouch. That's the RBI Governor, not mincing his words.
Like everyone else, we've been poring over the Budget
announcements on crypto-assets. The euphoria in the crypto-verse
was short-lived. Crypto-assets haven't been outlawed; but
that's about it. The proposed tax-rates and structure
aren't – to put it mildly – kind to the
crypto-ecosystem. To be fair, regulating this industry is a case of
'damned if you do' and 'damned if you don't'.
So, we travel back in time to document a conversation between Akbar
and his trusted minister Birbal, about 'magic coins'.
Perhaps it rings a bell.
[Scene I]
Birbal is furiously scribbling. Other ministers, gathered
around, befuddled by the furore. Magic coin traders
and minters anxiously await commencement of the proceedings. Some
of them have been hauled up by sainiks (security forces). Commoners
throng the court, eager for Akbar to arrive. They are
