The crypto carnage shouldn’t blot out blockchain

Anuraag Saxena and Ankur Gupta

THIS month saw bloodshed in the world of crypto trading, feeding the many voices screaming for disabling the decentralised finance experiment. The US Congress as an example has introduced 50 Bills impacting digital assets, crypto, and the blockchain industry. Numerous courts across the world have been weighing in on the issue. Buzzwords like NFT, DeFi, DAO, etc adorn the headlines of newspapers globally. The World Economic Forum at Davos this week had multiple panellists discussing the industry.

Inbuilt into the human condition is a need for predictability, continuity, and control. We continue to ride the green line even when we rationally know that the blue line is more efficient (or vice-versa). Conservatism is the safest, default response, especially in times of systemic shocks. Governments globally often resort to imposing hurdles because of an inbuilt paradoxical advantage – of displaying action while maintaining status quo. However, like most knee-jerk responses, dismissing the whole new world of Web 3.0 might be fraught with its own risks.