India wants to Ban Crypto? Yea, that's a big Nothing Burger...
India supposedly banning Bitcoin and Crypto is a big nothing burger
News started circulating early yesterday, or possibly late the day prior depending on where you live, that India was introducing a bill to ban "private cryptocurrencies".
Whatever that means...
Seriously.
My first though on reading that statement meant that they were banning privacy coins like monero, dash, etc... but others keep mentioning bitcoin.
I haven't gone through the bill to see exactly which cryptocurrencies they are talking about, well actually I have, but still couldn't find it after briefly skimming through it.
The announcement can be seen here btw:
Either way, even if they tried to ban bitcoin, it's a big nothing burger.
My guess is they won't end up banning bitcoin, but even if that one gets included, still a nothing burger.
Banning bitcoin is akin to putting up a gate like this:
(Source: https://twitter.com/Pratik_sharma94/status/1355899686603743235/photo/1)
India has a history of these things...
Sure a blanket ban would cause an inconvenience, and people might have to do a bit of a work-around or walk on the grass, but it won't do much.
Only way a blanket ban on bitcoin could work is if the majority of governments all got together and worked together on some type of blanket ban.
The odds of that seem slim to none since countries have shown throughout history they would rather bomb each other and screw each over as opposed to work together on much of anything.
Besides that, India has a history of stuff like this...
A few years ago they appeared to try and ban cryptocurrency transactions. It looked like it was the real deal and their people would be forced to comply with the threat of 10 years in prison.
However, then their Supreme Court overturned that decision rather quickly.
So, even if this was another blanket ban, and even if it did include bitcoin, it could possibly be overturned by the supreme court yet again.
And even if it wasn't, it still would be a big nothing burger due to the image posted above.
Any barriers put in place can easily be circumvented with just a little bit of know-how and as long as the largest countries don't all ban together and work together on something like that, they'd continue to be big nothing burgers.
Stay informed my friends.
-Doc
seems every 2nd week India wants to ban crypto, then 3 weeks after that they legalize it,
It's a big deal to shut down a cryptocurrency as a way to exchange value. Thank you for share