Let’s keep aside all the hype around Bitcoin aside for a moment. The main and fundamental reason what makes Bitcoin so appealing is not that it’s a crypto-currency or the technology aspect, but that it’s decentralized. There is no entity/authority that is going to dictate. That goes against the very nature of any government which likes like to have control over its population so that it can implement its policies (the policies may be good or bad, that’s a different story). And for that very reason I do not see Government of India or any other government legitimizing any ‘decentralized’ crypto-currency. Even if they adopt the technology or come up with an alternate crypto-currency of their own they would retain the control and we can kiss the decentralized aspect 'bye-bye'.
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