There's nothing new with that news and it's happening not only in India but almost in every countries around the world, others are just discreet and driving a campaign against the Bitcoin other are too noisy to say their disagreements with the Bitcoin, any government would want to regulate if not banning the Bitcoin because they get nothing from the Bitcoin, it does not have any tax.
The main reason why Governments are trying to ban all this is tax evasion, if you are honest enough to help the Governments by paying your taxes, then they might not take such decisions. I am not taking their side, but it could have saved India from such a decision. Though, I would like to reiterate to what our FM Jaitley exactly said:
"Distributed Ledger System on the Blockchain Technology, allows organisation of any chain of records or transactions without the need of intermediateries.
They agree with Blockchain technology and they're interested in applying it in various things to remove corruption (though, I believe that's never going to happen).
The government does not consider Cryptocurrencies as legal tender or coin. And will take all measures to eliminate the use of these crypto assets in financing illegitamate activities or as a part of the payment system.
He never said it is illegal, but Government is interested in eliminating use of crypto assets in illegal activities such as terrorism funding or extortion activities. They are not considering it as legal tender or coin, but then, nobody can stop us from trading or working for Bitcoins.
My question is:
What about those who are "earning" it by doing work / providing services / even if trading, and are paying taxes for the same?
Why should such people be punished due to the illicit activities that gets carried by the wrong people? Total injustice, isn't it?
