India’s Lift of Cryptocurrency Trading in the Context of COVID-19

In one of 2020’s biggest stories about cryptocurrencies so far, the Indian Supreme Court struck down a blanket ban on trading cryptocurrencies issued by the Reserve Bank of India earlier in the year. Then, March happened, and everything changed as COVID-19 spread around the world, inducing quarantines across the world and stoking unprecedented volatility in financial markets.

India is now in a national 21-day lockdown with industries shuttered and strict enforcement doled out by the government. Following similar initiatives by other countries affected by the viral pandemic, the COVID-19 fallout changes the narrative of the Supreme Court ruling — fomenting a distinct uncertainty about the future of fiat money globally.

The United States government has passed a $2-trillion fiscal stimulus package, and the total — including the Federal Reserve’s standing lending facility of $4.25 trillion at the discretion of the Treasury Department — equates to more than $6 trillion…