I strongly disagree with the article because it can't be the sole reason for a diverse country like India to take such a decision. India is planning for a digital currency since a long time and that's not a crypto currency. It may or may not use blockchain as the core technology as well. Deputy governor of RBI also didn't mention about its possible name. It is the imagination of the writer and far from the truth.
India banned bitcoin and crypto currency because they are worried about the untraceable nature of the crypto currency. They fear that if the size of the market grows beyond a critical size, it will become a serious threat to the nation's economy. Even though they haven't clarified what can be considered as a critical size, but it is clear that they don't want their citizens to use any currency which is not regulated and controlled by them. It is a typical nature of fascism. But what you can expect when one third of the politicians of India are uneducated? This is a mentality which still makes India a developing country and not a developed one!
Yes that is right. India is diverse country. The population is vast with different people having different perspectives to look at things and their own opinions. no doubt India is a developing country with one third of the politicians as uneducated, but still we have many people here on board who are very intelligent and smart enough to tackle things. When an Indian Sundar Pichai can control an American mulninational with such skill, how can you really expect Indians to be foolish!!
It is just that we Indians have a different perspective right now to look at things. Maybe they are not ready to accept the bitcoin or blockchain technology because of some other reasons like lack of control, etc. Whatever is the reason with RBI for not to continue services relating to crypto currency...one fine day maybe they realize the worth of it and welcome it with open arms. Because until now this is a controversial issue in the country!!
These are the typical two sides of opinion young people in India often hold for our government and ruling classes. On one side, we remain extremely frustrated like avikz because of the apathy, unprofessionalism and corruption of our politicans and bureaucrats. The politicians of all hues and nature like to milk the differences for electoral gains while the bureaucracy is content with lording over the ignorant masses.
The other side like "Virtual Miner" is hopeful and looks up to examples of countless Indians who have gone abroad and done so well. It's a well known fact that if the same people were to stay back, the work ethic of our national organization would have completely stymied their growth.
RBI has for long been a bastion of prudent management and good decisions. Unfortunately, under the present dispensation, I am not so sure. The government keeps stumbling from one economic disaster to the next social one. RBI decisions look to be along the same lines. A hasty decision taken without careful deliberation or expertise that you expect from an organization like RBI. Like so many other decisions, this one too seems like dependent on superficial issues like "ohhh..black money, ohhh money laundering, ohh terrorism". I call them superficial
The technocrats at RBI could have taken a much more thoughtful approach to this but i feel the government directives would have been to milk the boogeyman first.
