Crypto and musical chairs.

I am afraid I am going to say something contrary to what more enlightened people than I think (for reasons I entirely do not understand...theirs, not mine): The government's decision on banning all private cryptocurrency is a step in the right direction. I am, of course, assuming there was some thought, some deliberations, and some definite plan (and planning) behind this move. It must be followed up with: (a) execution with intent, and (b) urgently replacing the void with a legal structure to launch, mine, maintain, and transact using cryptocurrency within the law. It must now be followed up with: (a) execution, and (b) replacing the void with a legal structure to launch, mine, maintain, and transact using cryptocurrency within the law, without attempting to reinvent the wheel.

I believe very strongly that cryptocurrencies, as they exist at the moment in India (or frankly, anywhere, for that matter), are a sham Ponzi scheme and have the potential of greatly harming the prospects of real, usable, and secure cryptocurrency in the future by scaring off people who would have burnt their hands in this game of musical chairs, where the players outnumber the chairs by such margins that one may be forgiven for wondering whether there are any chairs at all?

The question, therefore, isn't who will be left to face the music, but who will remain standing at the end of it, and whether that would count as a win in this crazy game.