I love how both of you guys were able to send the right message across. Like Pavan said, banning crypto will indeed set India way behind.
But what I don't understand is the need to ban crypto in the first place. Does the government fear that the national currency will be overruled? I know crypto is used for illegal purposes too, but so are drugs and medicines. The best way to stop illegal activities isn't to ban the thing entirely, but to participate and regulate those activities.
I hope this news doesn't become a reality. Would certainly be a big downfall for our country.
Thanks Ayush! Mostly INR/Cash is used for illegal transactions. Crypto use is minimal at most. It's just an excuse to prevent more citizens from using decentralised tech over centralised paper nonsense.
Why exactly? Does using centralized paper currency over decentralized tech benefits them in some way or are they just too conservative to try out a new form of currency? I mean, what good do they think will come out of the ban? I honestly wanna know.
The simplest explanation is:
Govt prints money
Forces people to use them
Can demonetise anytime and make this paper money worthless
Control money = control people
There's no good that will come out of the ban. People will use privacy coins/conduct OTC trades in cash illegally post ban or leave the country.
But this draft may not be from the government so need to worry too much yet.
Interesting. Since crypto is decentralized and gives the power back to the people, the government won't be able to control the people if all of us start using crypto more often.
Why don't they teach this stuff in school? Oh right, because they're controlled too.
Exactly!