Rather than introducing “healthy” regulations, India straight up banned cryptocurrencies.
To each of our surprise, the Indian government just pulled a North Korea on cryptocurrencies. Literally!
India, a population of somewhat 1.4 billion people, synonymous with the world’s largest democracy, has downright banned cryptocurrencies. While the other parts of the world are slowly adopting paperless, decentralized money, cute-looking doggo’s — India has made a huge blunder that will haunt itself. Sooner or later.
When I say, the world is slowly adopting cryptocurrencies. I mean it.
Let’s just look at the US for an instant. Recently, three different mayors have announced to accept their upcoming pay-checks in bitcoin. Famous athletes are giving millions of bitcoin to their fans, crypto exchanges are openly displaying their adverts, and America is slowly taking over China in terms of bitcoin/crypto mining.
The story is not so different in Europe either. Or even in some parts of Asia, primarily with the Asian-Tigers.
True, the authorities are concerned, and they should be. No one wants money launderers or cybercriminals to do their offenses and then vanish in thin air. I have yet to meet a crypto-enthusiast who would say crypto is “concern-less” because it isn’t.
This is exactly why the CEO of Coinbase openly lobbied for crypto-regulations in his country.
But a downright ban is simply going to hurt us more.
What exactly happened, and why is it a shock?
A few days back, before the announcement, PM Modi openly called for “democratic” world leaders to unite in cryptocurrency regulations. I considered it quite a progressive move by the prime minister, followed by a panel of India’s blockchain community meeting with parliamentarians.
While the meeting went okay, the community that represented cryptocurrencies could not respond effectively when they were asked how they best believe cryptocurrencies should be regulated.
This is not the only reason for the ban, as earlier, the Governor of the Reserve Bank of India (RBI) stated the dangers of…