Bitcoin Forum

India Can’t Regulate Bitcoin Says Official

Indian authorities have been struggling to grasp the crypto phenomenon for quite some time now – years, to be more precise. The inability to fully understand it and put it under control has resulted in a state of semi-denial: “it’s illegal”, officials repeat tirelessly, but also keep trying to tax it. It doesn’t help when someone previously charged with proposing regulations, now says – India just can’t regulate bitcoin.

India Undecided
The institutional antipathy towards cryptocurrencies is no secret in India. Multiple warnings have been issued against their use, many officials have declared that they are illegal. The fact of the matter is cryptos, like bitcoin, are neither banned, nor regulated in the country.

READ MORE: https://news.bitcoin.com/india-cant-regulate-bitcoin-says-official/

Although we all understand that the crypto currency is very difficult to control and regulate, it is always pleasant to read about the impotence of officials and the whole state in general before the traditional global regulation and control. However, one should not forget that impotence can lead to embitterment and prohibition of the circulation of crypto currency. It is no coincidence that all that these officials are capable of is to declare that the crypto currency is illegal.

I do understand the situation they're in about the impracticality of a total ban and the impossibility of an effective regulation. It's natural though. The truth is no one knows the role bitcoin will play in the economy. It's impractical to immediately hinder the growth of crypto within the community as if crypto happens to play a huge role in the global economy, they'll be missing out big time.