India’s Potential Banning of Bitcoin Shows Government’s Continued Inept Attitude to Bitcoin
India is reportedly looking to ban cryptocurrencies, thus locking itself out of a massive wave of economic innovation, at a time when countries like Russia and Finland are scrambling to welcome the cryptocurrency industry to their shores.
The government of India is once again discussing banning cryptocurrencies.
According to anonymous government officials who have details of this development, they have said that several government departments in the country are unfortunately backing the idea of a complete ban on both the issuance and trading of cryptocurrencies.
If this rumored ban is passed, this would, of course, be devastating to the average citizens of India, not to mention existing Indian crypto enthusiasts; another out-of-touch government regulating something which they don’t understand.
A surprise draft bill which is called ‘The Banning of Cryptocurrencies and The Regulation of Official Digital Currencies Bill 2019’ is reportedly circulating the relevant officials in India.
Then we must further take into consideration with the tale of the digital rupee, which of course is the central banks crypto fantasy, which no-one is excited about except the central banks. This is due to it being a centralized government controlled currency.
Governments want to control, and they can’t control Bitcoin, which is why they often make these awkward attempts to try and ban the marketplaces, obvious examples being China’s repeated attempts to curb cryptocurrency activities within their jurisdiction.
However, nothing has been approved or fully set in stone in regards to the bill, based on feedback from the consulted departments who are all anti crypto.
Currently, Indian cryptocurrency companies are unable to access local banning services, which is something that has been challenging in the court system. However, the courts are now waiting for legal guidance from the government for further official action.
This bill if passed will be cutting a further 1.35 billion people from easy access to cryptocurrencies. When combined with the Chinese ban, this means out of a global population of 7.5 billion people, over a third of individuals at the state level could be prohibited from easy access to Bitcoin.