India has one of the biggest volume when it comes for crypto trading. I have been seeing from past some months government are trying to defame crypto to there citizens by saying many negative things about crypto. On the other hand same government prime minister is putting emphasis on blockchain and saying that we should do more research in blockchain and adopt its usage.
This seems conflicting state for me. Instead of giving valid reasons for not using or trading crypto, Some bunch of employees in higher power decides that we should stop crypto trading and announces the banning of crypto to fiat trading , and ask there financial organizations to not support crypto exchanges.
When asked about reason of discouraging crypto there answer was
a) Crypto can lead to terrorist fundings.
My answer will be why only crypto , anything can be used for terrorist fundings and uptill now did terrorist fundings were not happening , that suddenly after crypto usage government has started seeing terrorism fundings.
b) Crypto can lead to black market.
My answer will be, If crypto usage is banned then im sure it will start black market and then it will be impossible for government to stop all these activities.
c) Crypto Trading is very volatile citizens can loose there whole money.
My answer is that, yes I agree crypto trading is very volatile and one can lose everything in it, so do Share trading is volatile and one can lose everything in share trading too. Why don’t the government stop share trading too?
If someone earns a profit then it comes under the tax, but if someone incurs loss then it's your problem government cant do anything for it. Doesn’t it look like injustice?
d) Crypto can be hacked and stolen.
My answer will be yes, so do hard cash, gold or any other asset which has some precious value.
There are tons of such useless reasons given daily to defame crypto. But one bright side they are not seeing in this, that if they come up with proper bill and regulation, they can earn huge amount of taxes from citizens and people are also ready to give taxes to govt.
According to a Recent announcement by Zebpay which is indias biggest crypto exchange , they have warned users that crypto to fiat transfers can be stopped by anytime. Which leads to market breakdown, People are panic selling there precious assets.
I don’t get the point where some countries are supporting crypto and providing ATM for crypto, tickets can be purchased with crypto, etc but on the same side its SAD reality for india that they are trying to push india 100 years back.
My opinion on will bitcoin sustain the govt decision, is Yes Im 100% sure that , this time the indian government will take some good decisions and come up with some regulations for crypto trading rather then deciding on no research.
Thanks to some crypto exchanges that they went against it and filed a case, now everything depends on the verdict by a court. My fingers are crossed, and im not panic selling my bitcoins. Best of luck guys.
Whats your views on this topic guys? comment in this post and lets discuss.