In what can only be described as a new milestone India´s CBDC the eRupee achieved a milestone at the end of 2023. The milestone was 1 million daily transactions. But there are dark crypto clouds approaching fast as well.
Inda digs down on their CBDC and becomes even more crypto-averse
With the nice milestone being achieved in December of last year, 1 million daily transactions it is looking like their trail is going as smoothly as they could have hoped. Something that does not bode well for the people of India. At least if you want to be able to control your own money and be able to spend it how you see fit. And not have big brother looking over your shoulder all day every day. Otherwise known as the main selling point of CBDC, be able to have complete control of the monetary system of the citizens.
No more crypto things for you if you are in India
The Indian government has also taken further steps to try and restrict its people's access to crypto. As crypto more or less is the exact opposite of a CBDC. The latest action taken was to send a compliance letter to Apple India and have them remove the apps of Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex from the Apple App Store. All in the name of the "Prevention of Money Laundering Act (PMLA)". Because it is well documented, crypto is mainly used to launder money. Unless we need to make the argument that it is mainly used to finance criminals. Or if we need to make the argument that it is mainly used for tax evasion or a combination of the standard FUD excuses to ban crypto.
The government has also taken the first steps to block the URL of these exchanges. The sites are still accessible, but the ball has started to roll. Apparently, the government still has some hopes to jump through in order to block access to sites for the people of India.
The apps of the exchanges are however still available in the Google Play Store. But I guess it is only a matter of time before they get the same letter of compliance as Appel got.
The problem
There are some things that can really become a problem for both the people of India and the "western" world. This stems from the fact that India is set to become the new economic powerhouse in the coming decade. This is all thanks to their young population. And the problem is that Inda slowly drifted more to the authoritarian side of governing. I do not know if this is due to the company they keep, Russia and China mainly. Or if it is just the natural back and forth of things.
What however is clear is that if they go the authoritarian way along with they becoming a new global economic powerhouse. This will cause friction with the West, primarily the US. One can only look at US and Chinese relations over the last decade or two to see a shining example of how it can play out.
This of course then will severely impact the Indian population. Sadly it will most likely mean things will get much worse. But it will be dressed up as good. Or at least at better than what everyone else has it. That is the standard authoritarian playbook. But hopefully, the overall education level in India will be broad enough that the people will see this, put down their feet, and stop it in time.
I would love to hear your thoughts about the situation in India, and how it pertains to crypto and global geopolitics. The comment section is open.
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I think we will see more of countries trying to force their citizens to use fiat and make it harder to onboard to safer crypto havens. I doubt they will succeed as we saw in Nigeria which is ahead of India in crypto adoption and banned crypto with no effect.
Sadly I think you are right. We can only hope that the people will stand up for their rights to use whatever they want.
There's believe that crypto is blocking their CBDC from reaching more adoption, so it only makes sense to cut off the competitor and coerced the citizens to use CBDC. I think there's a general high level of education in India, so there's a good chance the people will resist and not go down the authoritarian route.
Yea sadly the governments tend to see the CBDC as the idea due to them having full control and the ability to monitor everything. So just as you say in their eyes crypto is the devil.
Yes I hope that the educated population is big enough to notice and do something about it. India is kind of a special country where they tend to have great gaps in education. Either you have close to non or you got a lot. China is in a similar situation but not as extreme.
Yay! 🤗
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