Backing the INR with BTC is a moronic idea. Since India doesn’t currently have any significant semiconductor manufacturing facilities nor surplus power to burn

Backing the INR with BTC is a moronic idea. Since India doesn’t currently have any significant semiconductor manufacturing facilities nor surplus power to burn on mining BTC (many more important human development use cases), India (and the INR) will be under the thumb of whoever does control the mining. As it stands currently, a lot of the mining is done by bots hosted in China, with whom India has geopolitical tensions. It might even be speculated whether the central coordination + semiconductor prowess might allow China to execute a 51% attack. It’s one thing to consider blockchain-backed databases and smart contract technology for specific use cases, and a totally different thing to peddle crap and drive the hype train with reasons such as: > Elon Musk: The world's richest man has said that Bitcoin is "inevitable" and changed his Twitter bio to simply "#Bitcoin". > The website coinmarketcap.com has a higher Alexa ranking (#324 at last check) than the website wsj.com (last ranked as #440).