New Delhi will Ban Cryptocurrency
The government of New Delhi, India is considering issuing a new law to ban all private cryptocurrency. A government panel drafted a bill last month in July proposing to ban all crypto. If activated it will be illegal for citizens to use any crypto that is not approved by the government. The new law will impose fines of up to 250 million rupees and imprisonment for up to 10 years for those that get caught. This law will keep the people from freedom of choice when it comes to currency and will also keep them in a bind of slavery and surveillance via government monitoring including taxes and banking. The government of New Delhi is seeking to begin using distributed ledger technology in the area of financial services and also create its own government ruled cryptocurrency that will be the only legal digital currency there.
Regarding this issue crypto enthusiast and third-party 2020 U.S presidential campaigner John McAfee tweeted “India announces its plans to ban all crypto. Banning mosquitoes after a rain in the summer would stand a better chance of being enforceable." In my opinion, this move on New Delhi's behalf is weak and arbitrary and is a last-ditch attempt on silent control over citizens through their finances. I also believe that New Delhi considering an attempt on creating their own cryptocurrency and their proposal to implement blockchain technology in their financial services arena is an indirect acclaim to Bitcoin and blockchain technology. New Delhi moving in the direction of blockchain tech and crypto will bring awareness to those that are not aware to the technology and once awareness is increased there will be an increase of their people interested in other blockchain technology and crypto which will lead more people in the direction of bitcoin and other coins. Once the unaware people gain knowledge of Bitcoin they will gain a hunger for financial liberation because Bitcoin and some other coins offer that.
The only way to try and stop people from using crypto is maybe through control of exchanges but there are still DEX's. Overall it really doesn't matter if New Delhi moves to ban crypto because there is no sure-fire way for them to do so. Them implementing a ban will mainly bring awareness to those that are unaware which in turn is a win for Bitcoin and other coins of peoples choosing so in the end Bitcoin will still win.
They cannot stop the machine and the revolution of Bitcoin!
Absolutely, @chesatochi. Long Live Bitcoin!!!
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Hopefully, India will reconsider their position in regards to crypto regulation. Otherwise, they risk being left behind in the changing world that is embracing crypto.
yes, @exscudo they do risk being left behind but chances are as things progress and the revolution continues they will start to change their stance and began educating themselves on it, like China is starting to change their stance and are even educating citizens about Bitcoin.
Which of these guys are thinking "FFS now I have to dump my beautiful BTC for privacy coins"?
lol... Funny
LMAO :)
@coinoclast, thanks for the laugh!
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I am from India, the condition here is against crypto YES! but the Indian Crypto community is fighting hard!!
Hi @nithishfloopz , nice to see you!
It's an uphill battle but together we will make a difference. It's great to hear that the Crypto community in India is sticking together to fight for this crypto revolution. We are all in this together taking a stance for one great cause! Thank you, keep us posted.