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RE: India Ban on Bitcoin | RBI Provides 3 Months to Everyone | My Views
I really don't understand whats wrong with RBI. Why are we the last ones to welcome innovations and technology. Why are we so skeptical to change. Fiat has been here since long and needs a change.
A change will churn the system and bring all the black money to the table. And set proper systems to not generate any more black money.
Anonymity of Cryptos sure sounds like a problem but banning them is definitely not the solution.
If you can't think of a solution then at least wait for the giants like USA and UK take a stand. And then just follow their footsteps like we have been doing all time.
@blog-beginner The way crypto is emerging in the world, most of the governments are getting panic as they know, they can lose control over the centralized system which can be replaced with blockchain being decentralized. So, this is understandable. India is not actually throwing the innovation out.
This had to happen, So more and more people get educated about what change is knocking on our doors. Yes, RBI has created a panic but considering 3 months is a long time. This should get reversed.
I hope it does. May be ambani should launch a crypto coin. He can then change the cards for whole India.
Every government will welcome Cryptos then.
Ambani has already announced JioCoin. in fact, even RBI announced crypto-based INR. You might see crypto-based INR sooner that you think, They might want all crypto trading in India should be done with their new centralized crypto to gain a little more control. (Just a thought) @blog-beginner
I dont think rbi announced any crypto based inr. They are planning for a Inr based digital currency. It could be no where related to crytocurrency.
I disagree. Crypto cureencies helps people to go off the government records as they are decentrelized. Black money cannot be controlled/accounted using crytocurrencies. Instead government can benefit by taxing the white money crypto user profits. Also, a legal recoganization will encourage crypto based projects in India. If this rules is enforced forever(i doubt that though), the goverment will end up making black money hoarders out of law abiting citizens.