The opposition Indian National Congress party accused the ruling party, Bhartiya Janata Party, of a multi-crore con involving Bitcoin. The party has called it the @MegaBitcoinScam.
Giving details, the spokeswoman of the Congress, Shaktisinh Gohil, affirmed that BJP used the @demonetization to allow the conversion of the black money to @Bitcoin. He said that the conversion figure could be between 5000 and 88000 crore rupees.
One thing that the media did not report was that Gohil also said: "It is (Bitcoin) a type of currency that does not require conversion and that can be spent anywhere in the world." The world is struggling to regulate @cryptocurrencies, the Indians are fighting for the regulation of Crypto in the Supreme Court, but our politicians say we can spend Bitcoins anywhere in the world.
THE OPPOSITION DEMANDS THE PROBE
Many times the policy is about finding faults in the other part. The Congress seized the opportunity and took advantage of it with both hands. Congress leader ShaktiSinh Gohil spoke with the media accusing the BJP of a @megabitcoinscam of up to Rs. 88000 crore The figure, he said, is from "prominent international bloggers."
The NextWeb article published, Gohil said that a complaint has been filed with the local police, but is refraining from taking action due to political pressure. "We demand an impartial and supervised judicial investigation by the Supreme Court in this labyrinth of 'Mega Bitcoin Scam' to bring the truth to light," he told local journalists.
BJP HITS BACK
BJP spokesman Anil Baluni said the accusations in @Congress were laughable.
"The dirty tricks department of Congress is working to spread confusion and lies, it's blaming the police, who have discovered the case, I wonder if Congress tries to help someone in this case as part of a conspiracy," Baluni said.
MATHS PROBLEMS
Out of all the scenario that has developed, mathematics seems to be out of focus. If someone bought Rs 5000 Crores in Bitcoins in December 2016, and Bitcoin prices were around 61,000 INR per BTC, the total amount of Bitcoin purchased is approximately 833,000 BTC. Although I can not prove it, I do not think about one million BTC of the 12 million or more that were actually purchased in a city in India: Surat. But 5000 crore is an achievable number.
The second number is what is beyond my comprehension, Congress is citing reputable bloggers to accuse BJP of the scam that is worth Rs. 88000 crore. It would mean that many cryptocurrencies other than bitcoin were also purchased. If the 12 million Bitcoin were bought by Black Money's hoarders, it would still cost Rs. 72000 crore
The total market limit of Crypto Market was approximately 14 billion USD or approximately Rs 95,000 crore INR in December 2016. If Rs. They bought 88 billion rupees in a city in India, I have no idea what to say about it.
It is no secret that the cryptocurrency market was thriving in India in 2016. Huge companies floated around multi-level marketing schemes for cryptocurrency investment. The people became rich. Very rich.
Nor should it be ignored that there is a documented case of extortion using cryptocurrencies in progress at this time. But to say that a city was able to convert its Rs. 88000 crore of black money to cryptocurrency and, therefore, make it white is absurd. Bitcoin bought with black money is still not white money.
I would personally sit down and wait for the CID to submit a full report and if Congress would like to address it with the BJP, the court is the best route, so demanding an investigation is a good decision. Using the exaggerated number, not so much
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