India is not a country where the financial or monetary freedom of its citizens is considered to be a worthwhile value to protect by its government. Honestly, I'm surprised it took them this long to ban Bitcoin. It's almost as if they only now realized that it's the logical next step in rendering their entire population destitute slaves, after the cash ban instituted last year.
A quick reminder on said cash ban. Last year, India shockingly and suddenly banned pretty much all cash notes from circulation. ₹500 and ₹1000 were nullifued, leaving only 14% of the previous total cash value in notes outstanding. Citizens were given an ultimatum time by which notes had to be turned in. This announcement lead to an immediate dump of approximately 6% in the Indian markets. As usual, the government claimed this was an action to "fight money laundering and tax evasion", yet provided no proof it would help in either of those endeavors, let alone justification for curtailing the rights of legal citizens and destroying cash businesses.
Let us not forget, those "largest" of Indian bills which were demonetized were only worth $7 and $14, respectively. Imagine all cash being demonetized in the USA except for maybe quarters and below - that's what this was to Indians.
Back to the present, India finally realized they could close the loop on cryptocurrencies and ban them as well. This would further prevent citizens from being able to control their finances. By forcing everyone into digital currency, centralized governments can use their endless printing presses and financial repression to set any (real) interest rate they want via inflation, then cover it up with official statistics. This way, they can shadow tax the entire population every year with a massive negative real interest rate. It's national wealth confiscation, done secretly enough that 95% of people won't notice.
You know, like the CPI in the US.
Anyway, the crypto market is completely ignoring this "news". Perhaps it was expected, but more likely is the fact that few of the funds that constitute cryptocurrency market caps are like to be from India, and even those that are would be unlikely to immediately panic-sell back into a national currency they can now no longer get back to crypto from.
All this will achieve is cutting Indian citizens off from the opportunities (and risks) of the crypto space, infantilizing them.
I am not a fan.
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people hide their money using bitcoin and remaining anonymous govt worried about tax and that is the reason of banning
Yes. That's very true. Bitcoin is decentralized. The government cannot control it. So tax will be short in their side.
There is a very big doubt that this instrument of speculation will remain the same interest as it was before the fall of as much as 250%. But there is no doubt that there will be attempts to warm up the interest of "experts" on investments in ultrashort positions. As in the fact that bitcoin will continue to be limited in its ability to pay, but the conversion into a real money surrogate is not at all. ...
Huge opportunity for everyone here. This is basically the patient stealing from the impatient here. Patience grasshoppers.
Honestly I would love to see Zcash get more up & running so it can flourish in situations exactly like this with its zero-knowledge verification.
Fuck that! Use it anyway. A LOT! Government is the one and only parasitical creature on this earth that destroys everything, be it people, the environment, nations or entire peoples. Fuck that. Bitcoin will fuck government in the ass which is its one and ONLY purpose for existing!
A lot of Indians saw the true colors of the Modi government with that cash ban, so I doubt the tech-savvy populace would be swayed by this so-called crypto ban. If anything , this will have the exact opposite effects. The Indian Central bank must not be familiar with the Streisand Effect.
Indians would be wise to join a mining pool or club as a way of accumulating Bitcoin since they won't be able to buy it directly. One way to do it is via bitclub.network/dibble1
At least that's how I do it for what its worth.
I wonder what steps the government will take to enforce this. Im not a crypto expert but it seems to me that it's not possible to stop cryptocurrency short of shutting down the internet.
How do you go about turning USD into crypto? Do you use Coinbase? If you're in India how do you do it? They don't have to make it impossible... they only have to make it difficult and illegal.
I hope BS actions like this will give more value to Steem. Let's pay the people of India for their services instead of for fiat. They can then go and create underground markets that accept Steem. This plan by India could totally backfire.
I don't understand that either. How can they ban the cryptocurrency if it's decentralized?
they can't ban it and they haven't. what they have banned is banks taking part in transactions relating to crypto currencies in a similar way to some of the UK banks banning the use of credit cards to make purchases to known crypto trading sites such as coinbase.. the actual owning and trading of crypto is not illegal, nor enforceable, but they're trying to put the brakes on by making it hard to get their cash into crypto to begin with.
Copyright laws sure have done a lot to slow down the growth of torrents i guess /s
INDIANS have started the protest and lacs of users in India have invested in bitcoins! The battle has just started!
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It's possible, if you create a complete police-state with super controlled internet, anti-crypto spy-networks, supervise the citizens 24-7 etc etc, maybe start rounding up crypto owners and put them all into camps? =/
A place like India with millions of internet cafés/places with free wifi and loads of unregistered people. Don't think that is going to happen anytime soon...
This might even increase the use of crypto in India?
Control will only increase...
Yeah, that is probably true...
all they are doing is blocking any wire or bank transfer to the crypto exchanges, unless until you have money in your exchange how would you trade?? India has only handful of exchanges so when they see the name pops up in the system it's automatically a no go.
It amazes me that a country with 1.4 billion people lets it's self be controlled by small number of parasites perched above them. One can only wonder where the line in sand is for these people.
you will not find a single country in the world that is any different. The tiny fraction of people in power stay there by many means. control of information, control of resources, continual erosion of freedoms. it happens so slowly that people barely notice. crypto will change it all by removing the financial control mechanism. what's go the governments so worried about this is that money in crypto means money OUT of Fiat, and that will collapse the financial system extremely quickly indeed.
Hi lexiconical,
Very informative and close to my concern.
I have an adopted Indian brother who goes back and forth from India to US to farm here to make money and take back to India.
He would be much benefited to be able to hold Cryptocurrencies in India. He would want the freedom to invest in BTC.
I agree that this BAN is just another form of Controlling and keeping India's citizen captive.
completely agreed.
here is my article on it -
https://steemit.com/bitcoin/@karamyog/little-knowledge-is-a-dangerous-thing
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Great article, thanks for sharing. I've hit the upvote button for you!
It happened with Gold as well in India a few years back, it doesn't slow down the process, just pushes it to a darker more quieter part of society.
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I have to admit to being a bit flummoxed with the Indian Govt.
Trying to clamp down an "idea", like crypto-currencies just never works. I find it hard to believe that they think they can control it long term.
All they did was create a new economic niche for enterprising programmers to find a way around whatever the Indian Govt. sets up to block transactions.
it is very unfortunate, a policy that harms the people a lot.
hopefully in the future there is a solution to this problem.
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I love the title! It's just like a news headline.
Countries are starting to ban crypto currencies.
Why doe :(
Taxes and banks want money in banks and money gets them what they want. Also power leads to oppression.
I really dislike the government for the size of their population. So much red tape. If they were more flexible india could grow into a very prosperous country.
That's so fucking terrible. India is not a good country to live in. The US government isn't much better, but at least bankers haven't got crypto banned yet.
It will be a matter of time and they will be back begging to buy it Wishing they had bought it earlier.
The latest step in their war on cash? Just stupid. Don't they realize? IS A BAN FEASIBLE? ...And what of Indian crypto companies and the community that was starting up there?
Not a fan, either. Not a fan of the fact that it seems like the entire globe is slowly moving towards a "two-class" system in the style of "fictional" portrayals of reality such the the movies "The Hunger Games" and "Elysium" in which there is a tiny uber-class with all the wealth and privilege, and "the rest" who get to live like rats in squalor.
Makes me feel slightly relieved that I am just a CAT...
All this gov't regulation is ridiculous. But, in reality, if we actually used our crypto for peer-to-peer transactions like it's meant for, then they couldnt do anything about it!
Citizens should not ne prevented from using crytocurrencies. It is a brige of their right. The best the government will do is to look for a way to regularize the influx of hiding wealth by monitoring the blockchain data base.
If the subjects of the populist Modi government crawls out of poverty, then how would Modi continue his hold on power? He is popular and his government "necessary" as long as his people remain poor and miserable. Much like all of the misbegotten "democracies" in Africa, without poverty and popular discontent, their masters will have no reason for holding the leash of power. As long as the populist masters have some foreign, former colonial power to use as scapegoat, there exists absolutely no incentive to help their subjects climb out of poverty. In fact, it would be absolutely detrimental for populist masters to allow their subjects to rise out of poverty, since self-sufficient populace tend to rely less upon government institutions and policies that "promote" liberté, égalité, fraternité.
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I really thought that there were some news regarding the ban of Bitcoin in India a few months ago ... so they finally did it.
Interesting that the market seems to stay "stable" and doesn't allow any negativity.
Do you think they will change their minds within the next years @lexiconical ? :)
It is hard to ban cryptocurrency for good, just the nature of cryptocoins. Governments should try to regulate it.
When I read how governments resist btc and crypto in general it feels to me that those actions it will hasten the demise of their fait and lead populations to trade in crypto. Probably just wishful thinking for a stable world currency not controlled by governments.
Then you hear on the news that the new emerging "rich" (for whom?) countries are India and China both with the highest population rate in the world, one with a very high poverty level and the other working literally as slaves? then you take a look at the internet and you see the truth
Indian Government is worried they will lose control of the people.
Also it would fuck up the caste system if some of those poor people got money.
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We as crypto lovers should unite and make sure RBI has to take this step back. They are not even considering the ramifications on the jobs it will have within the exchanges. Very unfortunate that all this while they have only been subjudicating us into such situations.The "Democracy" is now almost choking to death, and yet there are people who still think this govt will bring Achhe Din!!
This is so disappointing considering the many ways crypto / blockchain tech is poised to improve living conditions in developing countries like India
I don't think it's that straight forward. I think the current government is secretly helping its main supporter to launch their crypto currency. Most Indians are in awe of how the Chinese manipulate their markets and favour just their own home grown. That's probably what's happening here. Jio Coin is on its way and there will be a tacit support for this coin. Imagine all the banks and the government giving a crypto currency tacit support in India. It will have a a huge potential to be massive. It will be a coin to watch out for, especially when it can be so blatantly manipulated.
The irony of this story, is owed to the fact that the majority of the Indian people are a cold hard cash, including precious metals, kind of people.
To impoverish the majority of the Indian people, their loving globalist controlled government, is turning India into a 'cashless' society it's NOT equipped to even remotely handle.
Such a good things you have shown . Thanks a lot .
Yes, brother I completely subscribe your opinion. Present Indian goverment is experimenting useless, old fashioned tactics. PM Narender Modi is uneducated man having a fake Master in Arts degree.
the effect of Note Ban(currency) is proving devastating, thousands of businesses has been closed. There are not any jobs out there in the market. Indian youth is struggling very hard and finding nothing.
Present govt. people behave like Neanderthals.
You can imagine in what situation is this country : for Indian Railways 30,000 vacancies, 25000000 people(90 percent graduates) applied for.
and that's why rich people are going to stay out of India.
Truly what other reason would a country have to stop the advancement of bitcoin without a legitimate reason.
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Anything that can affect the benefit of government will be banned
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India can try to block its people psychlogicaly from using or investing in bitcoin but the attempts will be futile. The bitcoin movement cant be blocked unless you filter and block exchages through the internet.
At this time I havent heard of and effort by the Indian government to block the internet.