India Bans Bitcoin To Ensure Citizens Remain Impoverished, Markets Unchanged
India is not a country where the financial or monetary freedom of its citizens is considered to be a worthwhile value to protect by its government. Honestly, I'm surprised it took them this long to ban Bitcoin. It's almost as if they only now realized that it's the logical next step in rendering their entire population destitute slaves, after the cash ban instituted last year.
A quick reminder on said cash ban. Last year, India shockingly and suddenly banned pretty much all cash notes from circulation. ₹500 and ₹1000 were nullifued, leaving only 14% of the previous total cash value in notes outstanding. Citizens were given an ultimatum time by which notes had to be turned in. This announcement lead to an immediate dump of approximately 6% in the Indian markets. As usual, the government claimed this was an action to "fight money laundering and tax evasion", yet provided no proof it would help in either of those endeavors, let alone justification for curtailing the rights of legal citizens and destroying cash businesses.
Let us not forget, those "largest" of Indian bills which were demonetized were only worth $7 and $14, respectively. Imagine all cash being demonetized in the USA except for maybe quarters and below - that's what this was to Indians.
Back to the present, India finally realized they could close the loop on cryptocurrencies and ban them as well. This would further prevent citizens from being able to control their finances. By forcing everyone into digital currency, centralized governments can use their endless printing presses and financial repression to set any (real) interest rate they want via inflation, then cover it up with official statistics. This way, they can shadow tax the entire population every year with a massive negative real interest rate. It's national wealth confiscation, done secretly enough that 95% of people won't notice.
You know, like the CPI in the US.
Anyway, the crypto market is completely ignoring this "news". Perhaps it was expected, but more likely is the fact that few of the funds that constitute cryptocurrency market caps are like to be from India, and even those that are would be unlikely to immediately panic-sell back into a national currency they can now no longer get back to crypto from.
All this will achieve is cutting Indian citizens off from the opportunities (and risks) of the crypto space, infantilizing them.
I am not a fan.
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people hide their money using bitcoin and remaining anonymous govt worried about tax and that is the reason of banning
Yes. That's very true. Bitcoin is decentralized. The government cannot control it. So tax will be short in their side.
There is a very big doubt that this instrument of speculation will remain the same interest as it was before the fall of as much as 250%. But there is no doubt that there will be attempts to warm up the interest of "experts" on investments in ultrashort positions. As in the fact that bitcoin will continue to be limited in its ability to pay, but the conversion into a real money surrogate is not at all. ...
I agree that hihihi
Huge opportunity for everyone here. This is basically the patient stealing from the impatient here. Patience grasshoppers.
Honestly I would love to see Zcash get more up & running so it can flourish in situations exactly like this with its zero-knowledge verification.
Fuck that! Use it anyway. A LOT! Government is the one and only parasitical creature on this earth that destroys everything, be it people, the environment, nations or entire peoples. Fuck that. Bitcoin will fuck government in the ass which is its one and ONLY purpose for existing!
Relax my bro
A lot of Indians saw the true colors of the Modi government with that cash ban, so I doubt the tech-savvy populace would be swayed by this so-called crypto ban. If anything , this will have the exact opposite effects. The Indian Central bank must not be familiar with the Streisand Effect.
Indians would be wise to join a mining pool or club as a way of accumulating Bitcoin since they won't be able to buy it directly. One way to do it is via bitclub.network/dibble1
At least that's how I do it for what its worth.
I wonder what steps the government will take to enforce this. Im not a crypto expert but it seems to me that it's not possible to stop cryptocurrency short of shutting down the internet.
How do you go about turning USD into crypto? Do you use Coinbase? If you're in India how do you do it? They don't have to make it impossible... they only have to make it difficult and illegal.
I hope BS actions like this will give more value to Steem. Let's pay the people of India for their services instead of for fiat. They can then go and create underground markets that accept Steem. This plan by India could totally backfire.
I don't understand that either. How can they ban the cryptocurrency if it's decentralized?
they can't ban it and they haven't. what they have banned is banks taking part in transactions relating to crypto currencies in a similar way to some of the UK banks banning the use of credit cards to make purchases to known crypto trading sites such as coinbase.. the actual owning and trading of crypto is not illegal, nor enforceable, but they're trying to put the brakes on by making it hard to get their cash into crypto to begin with.
Copyright laws sure have done a lot to slow down the growth of torrents i guess /s
INDIANS have started the protest and lacs of users in India have invested in bitcoins! The battle has just started!
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It's possible, if you create a complete police-state with super controlled internet, anti-crypto spy-networks, supervise the citizens 24-7 etc etc, maybe start rounding up crypto owners and put them all into camps? =/
A place like India with millions of internet cafés/places with free wifi and loads of unregistered people. Don't think that is going to happen anytime soon...
This might even increase the use of crypto in India?
Control will only increase...
Yeah, that is probably true...
all they are doing is blocking any wire or bank transfer to the crypto exchanges, unless until you have money in your exchange how would you trade?? India has only handful of exchanges so when they see the name pops up in the system it's automatically a no go.
It amazes me that a country with 1.4 billion people lets it's self be controlled by small number of parasites perched above them. One can only wonder where the line in sand is for these people.
you will not find a single country in the world that is any different. The tiny fraction of people in power stay there by many means. control of information, control of resources, continual erosion of freedoms. it happens so slowly that people barely notice. crypto will change it all by removing the financial control mechanism. what's go the governments so worried about this is that money in crypto means money OUT of Fiat, and that will collapse the financial system extremely quickly indeed.
Hi lexiconical,
Very informative and close to my concern.
I have an adopted Indian brother who goes back and forth from India to US to farm here to make money and take back to India.
He would be much benefited to be able to hold Cryptocurrencies in India. He would want the freedom to invest in BTC.
I agree that this BAN is just another form of Controlling and keeping India's citizen captive.
Good @hanamana
completely agreed.
here is my article on it -
https://steemit.com/bitcoin/@karamyog/little-knowledge-is-a-dangerous-thing
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Great article, thanks for sharing. I've hit the upvote button for you!
It happened with Gold as well in India a few years back, it doesn't slow down the process, just pushes it to a darker more quieter part of society.
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