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RE: HOW IS IT WITH THE CURRENT CRYPTO BAN IN INDIA?

in Project HOPE3 years ago

It is not surprising to see a topic like this, and I'm sure same will still arise in other countries. The governments of countries are afraid of the crypto world in that it cannot be controlled by them. They can't regulate it, neither can they introduce taxes from crypto related transactions.

Another angle to this is that the gap between the wealthy and the poor is expected to keep widening, not that many people will be crossing the poverty landmark into wealth. This is what crypto affords, but is a threat to the wealthy, who are politicians in many cases, or who are empowered by politicians.

Crypto transactions not reflecting personal details is also another threat to the government. For example, the Central Bank of Nigeria placed a ban on bank accounts operating cryptocurrency in the country. Their concern was that the protests that held in the country last year was allegedly funded with cryptocurrency, and they could not trace the financiers, so that they could intimidate or torture them.

These are some of the reasons why cryptocurrency will continue to face opposition from governments across the world. While I am not sure specifically what the situations are in India, I think it could be related to the same in Nigerian.

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 3 years ago 

Wow @tolustx

what an amazing comment. You're not from India so I was quite surprised to see your feedback :)
(comment upvoted already)

They can't regulate it, neither can they introduce taxes from crypto related transactions.

Ehm. Correct me if I'm wrong, however ... they may not be able to ban crypto, but this market is already heavily regulated (more than almost any asset that exist out there) and taxes from crypto related transactions are being calculated in US.

Cheers, Piotr

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