IN A PREVIOUS OPINION piece, I had touched upon how Indian consumers are adopting purchases of Virtual Digital Assets (VDAs), despite high taxation. It would be relevant to learn how the history of financialisation of assets shaped up over the centuries, and how moral sanction and regulatory embrace happened, either as a counter view or at times, even convergence. Law and Morality are two different concepts that govern the way humans behave. Morals are principles or standards of behaviour that define human conduct within society, but don’t define any compulsion to follow them.
Law is a set of rules and regulations that all people are obligated to adhere to, if they want to live within the boundaries of a society. The relationship between law and morality has inter-dependencies between them, but are not the same. When we think of these newer emerging asset classes of VDAs, or think of them as whimsical-newbies as one’s opinion permits, we have to look at past learnings of how humans and society and ideology around finance, evolved.
For example, early caveman did not have paper or paper currency or coins or banks to save his material possessions. The then-contemporary and financially evolved early 20thcentury bankers did not trade in carbon credits or blue financing. The evolution of digital technologies moots fresher potential in building convenience and comfort for humanity, allows for global transactions including complex ones – both in terms of assets, as well as structures across a multitude of across-border-regulations. But, when new emerging technologies are the basis of newer asset classes, it worries us, and we assume the worst of them.
Denne historien er fra February 25, 2023-utgaven av Business World India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 25, 2023-utgaven av Business World India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.