Reimagining India’s ₹20,000 Crore Credit Guarantee Scheme for Microfinance: From Liquidity Patch to Structural Reform The Government of India’s ₹20,000 crore Credit Guarantee Scheme for Microfinance Institutions (CGSMFI-2.0) is a timely intervention. It addresses an immediate liquidity squeeze in the microfinance ecosystem by incentivizing banks to resume lending to NBFC-MFIs through sovereign-backed risk cover. In doing so, it helps prevent a contraction in credit flow to lo

Censorship resistance is one of the most powerful philosophical pillars of cryptocurrency. At its core, the idea holds that no authority—state, corporation, or intermediary—should be able to block, reverse, or selectively permit transactions. Money, in this view, should be neutral infrastructure: as indifferent to identity, politics, or geography as the internet protocol itself. This principle animated early crypto communities and remains central to how decentralization is mo

True financial inclusion is slow, institutional, and often unglamorous. It requires legal identity, consumer protection, financial education, and integration with the real economy. Crypto can complement these efforts, but it cannot substitute for them. When promoters portray crypto as a standalone emancipatory tool, they conflate access with empowerment and technology with trust.

Cryptocurrency emerged from a deeply philosophical conviction: that money should be decentralized, insulated from political discretion, and freed from the control of governments and banks. At its core, this belief reflects a distrust of centralized authority—born from repeated historical episodes of inflation, capital controls, financial repression, and crisis-driven bailouts. Crypto promised an alternative monetary order: rule-based rather than discretionary, global rather t