Indian Government took 6 years from initially issuing a warning on decentralised cryptocurrencies back in 2013 till now to understand what they really are and ultimately understood nothing it would seem!
They put together a committee of people who clearly 'don't get it' and it has now officially recommended a blanket ban to the Indian government.
But, it has also recommended that it would be okay to have an RBI issued digital currency down the road while banning all other decentralised digital currencies because only INR is real (while it's actually backed by thin air) and cryptocurrencies are not. Funny is it not?
Look forward to the crypto community from India fighting tooth and nail against another regressive, draconian move from the dinosaurs in the Indian government in a digital age. Especially when our government is clamping down on cash transactions and making us go digital!
Oh btw, the Indian government can try to keep India away from cryptocurrencies. But the reality is that it cannot keep cryptocurrencies out of India. Crypto users are estimated to be well over 5 million (50 lakh) in the country at the very least. Good luck trying to jail lakhs of people!
However, this comes as a loss to the industry. There's potential for so much innovation here. Jobs of existing devs, traders, self-employed professionals and all other future employment opportunities in this space are at risk now.
Kudos to the committee for their recommendations that will only add to the unemployment rate which is at an all-time high already!
Just liked demonetisation, this is being done without taking all stakeholders into consultation. The government truly doesn't seem to care about its citizens. 12 lakh crore has been lost in 50 days since the new government have formed and they are worried about banning crypto?
Criminals continue to use INR, USD, Gold amongst other things more than any cryptocurrency and since decades now! When will we see those getting banned? The decision-makers clearly don't seem to understand these technologies.
It's a matter of hours that the case against RBI will continue at the Supreme Court of India. Let's see how this plays out now that the official draft bill is here.
Please note: Cryptocurrencies are not currently banned in India. Please don't panic!
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If the bill is passed, what will we do?
Supreme court will also give decision in favor of current Government. One year has gone after crypto users challenged RBI ban in Supreme Court, but they haven't given any verdict as of now. Did you think Supreme Court will give some positive decision? I don't think so.
ooh shit... this is really going to worst in our country.... government should take some wise step for the benefit of crypto traders.....
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