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.
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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.