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Author Topic: India should consider using Bitcoin to prevent " Demonitization "  (Read 584 times)
Hui8
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September 02, 2017, 04:30:22 PM
 #21


That would be very unreliable way to perform the demonitization in the country like India. Half of the population (or more) doesn't even know what the difference between fiat currency and an asset over the Internet. They wouldn't believe such ways of putting their money and they will never do it even the government say so. They have already done so many attempts to make it corrupt free country but people will always find the ways to do the same. Black money is black and no matter what you do it will always find its way even in the best digital system implementing into India. That's the way government and politician work in there. No offence but there needs complete revolution in the political system as well as the way government works. Why would one go changing people and traditional ways of banking.



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September 02, 2017, 07:36:17 PM
 #22

The "Demonitization" attempt to flush out undeclared wealth, has failed according to this article :

http://www.bbc.com/news/world-asia-india-41100610

The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.

In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.

~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?

Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.


Please don`t put the words "regulated" and "bitcoin" in one sentence.It`s horrible. Grin
I don`t know what exactly are you trying yo say with "regulated Bitcoin environment".What is this?
The whole consept of bitcoin and cryptos is to create a "regulaiton free" environment,away from governments and banks.There are easier methods to find and catch people who are hiding their wealth.
Demonitization is not one of them.The Indian government should increase VAT and decrease all the other taxes.

I also hate regulation, just look back at what damage BitLicence brought to the businesses in New York. The thing is, we either change the governments with our vote or we adapt to the government regulation that are forced onto you. The government will not just sit idle and relinquish control to a unregulated currency that is in direct competition with their local reserve currency.

We should find ways to work with them or to replace them with Bitcoin-friendly governance. < at the next elections >
I think there will be hardly any Government which will keep its people out of the things which are helping them. Bitcoin is no less than a miracle changing the lives of people. It will take time and all the things will be in favor of Investors and users. There is hardly anything to worry about Government.

dmamigo
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September 02, 2017, 08:46:49 PM
 #23

The "Demonitization" attempt to flush out undeclared wealth, has failed according to this article :

http://www.bbc.com/news/world-asia-india-41100610

The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.

In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.

~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?

Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.


Please don`t put the words "regulated" and "bitcoin" in one sentence.It`s horrible. Grin
I don`t know what exactly are you trying yo say with "regulated Bitcoin environment".What is this?
The whole consept of bitcoin and cryptos is to create a "regulaiton free" environment,away from governments and banks.There are easier methods to find and catch people who are hiding their wealth.
Demonitization is not one of them.The Indian government should increase VAT and decrease all the other taxes.

I also hate regulation, just look back at what damage BitLicence brought to the businesses in New York. The thing is, we either change the governments with our vote or we adapt to the government regulation that are forced onto you. The government will not just sit idle and relinquish control to a unregulated currency that is in direct competition with their local reserve currency.

We should find ways to work with them or to replace them with Bitcoin-friendly governance. < at the next elections >
I think there will be hardly any Government which will keep its people out of the things which are helping them. Bitcoin is no less than a miracle changing the lives of people. It will take time and all the things will be in favor of Investors and users. There is hardly anything to worry about Government.

Government, presently they are upto digitizing India fully. So Bitcoin will surely be a great option as both currency and investment.
But it will surely take time, as most people are unknown to this, and also ignorant who knows about it. Regulations if induced with BTC, it might cripple some key features.

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September 02, 2017, 11:41:58 PM
 #24

I still think this is caused by recent calls to illegalize cash & paper money.

Methods to restrict and destroy the value of paper money are intended to herd people towards embracing electronic payment & exchange.

This may be similar to gold/silver being banned in buying/selling roles for merchandise/services by governments in past eras to force them to embrace paper money & cash.

oreits11
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September 24, 2017, 02:59:58 PM
 #25

the use with the occupation of blockchain system helps as the wider on chance as the details of arrange on following terms with the framework for the design tempate, as more with the empoyment to gains with returns of utilization as managing the ideal customs of work as the offers from the crypto finance developer with the deliverance of offers to public audience.

SushGo
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September 24, 2017, 04:53:07 PM
 #26

No mate, Indian government had executed the demonitization process to bring out the black money in the mainstream economy which was hided many people. If we look at the motive of the government then bitcoin could not fulfill it, which was to know the owner of the unaccounted wealth.
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September 25, 2017, 03:55:18 AM
 #27

I don't think that going into decentralised mode will make it any easier to find the solution to Indian economy problems. I believe it will become worse and the India is not in the position to accept the virtual currency like bitcoin. That is just not possible because India is far far away from the digitalisation completely. The country where poor people are more than richer one, or the country where illiteracy rate is more than literate one then how could they possibly accept the banking system which would be decentralised.

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