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Author Topic: [2018-03-12] Former Indian Economic Official Says Bitcoin Hard to Regulate  (Read 59 times)
Dany44
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March 12, 2018, 04:55:19 PM
Last edit: September 03, 2018, 01:27:41 PM by Dany44
 #1

India’s former Secretary of Economic Affairs, Shaktikanta Das, says Bitcoin would be too difficult to regulate. Instead, to prevent the host of oft-mentioned potential problems such as terrorist financing and money laundering, Bitcoin should simply be banned, says Das. These comments come at a time when India is grappling with the challenges of regulating a decentralized, pseudonymous, virtual currency.

The full article: https://cryptocomes.com/former-indian-economic-official-says-bitcoin-hard-regulate-should-just-ban-entirely

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March 12, 2018, 05:17:15 PM
 #2

India’s former Secretary of Economic Affairs, Shaktikanta Das, says Bitcoin would be too difficult to regulate. Instead, to prevent the host of oft-mentioned potential problems such as terrorist financing and money laundering, Bitcoin should simply be banned, says Das. These comments come at a time when India is grappling with the challenges of regulating a decentralized, pseudonymous, virtual currency.

The full article: https://cryptocomes.com/former-indian-economic-official-says-bitcoin-hard-regulate-should-just-ban-entirely

It is top 1st corrupted country in the world as BBC network reported last month. There are many corrupted politicians in your country. They cannot do nothing with the fiat cash regulations itself.
If you are from India you can invest all your fund on bitcoin and cash out once the bitcoin bumps back to 20k usd or more than that.
Nothing cannot done the Government. I see many Indians in the richest people list but your country still in the developing countries list.
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March 12, 2018, 06:21:23 PM
 #3

That would be the usual lazy and no-research based response on how to build a regulatory framework for Cryptocurrencies. If China can formulate a regulatory policy and so can Japan or Germany and legalize its usage, then I don't see what's causing the delays in sharing a draft of a regulatory framework by the "body" that was formualted to investigate on how this could be achieved. Also before I begin explaining how regulations can be imposed, it's fun to note how the Official mentions Bitcoin being hard to regulate, but insists on banning it without realizing it's even harder to ban a decentralized crypto. If exchanges shutdown, then investors who can, will find avenues to trade internationally and with secrecy.

Quote
“Let us accept that it would not be possible to regulate it effectively. Because they will do transactions from their houses. You cannot enter every home to check what transactions are going on. So, I think this is a serious challenge, and this should not be allowed at all.”

This statement alone signifies the lack of research. To track transactions, they could build bodies and a system in the Banks to associate users Bank account transactions with Indian exchanges and to trace payments made into international exchanges through credit cards (There are banks that can already do this and are). This should help curb money laundering if that's their worry.

Also, it'd make sense to formulate taxation policies (I believe the IT department is already setting the ground rules for crytoassets taxation as they've collected investors information and notified HNI's of their tax duties for such investments).
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March 12, 2018, 06:55:57 PM
Last edit: March 12, 2018, 07:09:58 PM by DeadCoin
 #4

India’s former Secretary of Economic Affairs, Shaktikanta Das, says Bitcoin would be too difficult to regulate. Instead, to prevent the host of oft-mentioned potential problems such as terrorist financing and money laundering, Bitcoin should simply be banned, says Das. These comments come at a time when India is grappling with the challenges of regulating a decentralized, pseudonymous, virtual currency.

The full article: https://cryptocomes.com/former-indian-economic-official-says-bitcoin-hard-regulate-should-just-ban-entirely

It is top 1st corrupted country in the world as BBC network reported last month. There are many corrupted politicians in your country. They cannot do nothing with the fiat cash regulations itself.
If you are from India you can invest all your fund on bitcoin and cash out once the bitcoin bumps back to 20k usd or more than that.
Nothing cannot done the Government. I see many Indians in the richest people list but your country still in the developing countries list.

At times few authorities do not even understand what is meant by crypto currencies. Just question the guy who said "its difficult to regulate". He even may not know what is "bitcoin" and how it works. None is open to receive new things. When countries do accept and concentrate on growing their countries wealth and its citizen's growth, why can't Indian government accept it when people say there would be growth certainly when adapted. Everything is corrupted. Never let any good things happen in the country. Then what good would happen? It has graded itself to the ground in terms of economy. Hope the next government takes their responsibility seriously and work on its growth adapting new tech and crypto currencies.

 
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March 13, 2018, 04:16:32 AM
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 #5

Well, I agree on the part wherein he said it would be difficult to regulate. It was built to be decentralized that is why its features can hardly pass proper regulation. Not to mention it is heavily coded which is especially designed to secure privacy at its finest. But with banning, I do not know if this is even 100% feasible. For one, how can you completely ban something that is not tangible, that exists online, that may in fact be already in the hardware wallets of the investors? Yes you may easily call it a ban but it will just seem like a lip service or empty regulation out of thin air. You should know very well such move does not make any difference because people can easily do a workaround of it wherever, whenever. What they should do is conduct thorough study on how to aid the betterment of economic conditions, plus complementing it with new innovations such as cryptos.
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March 13, 2018, 05:20:45 AM
 #6

India’s former Secretary of Economic Affairs, Shaktikanta Das, says Bitcoin would be too difficult to regulate. Instead, to prevent the host of oft-mentioned potential problems such as terrorist financing and money laundering, Bitcoin should simply be banned, says Das. These comments come at a time when India is grappling with the challenges of regulating a decentralized, pseudonymous, virtual currency.

The full article: https://cryptocomes.com/former-indian-economic-official-says-bitcoin-hard-regulate-should-just-ban-entirely

It is a simplistic approach and the easiest way for a government to be seen as 'doing something'. You must note that 2 years ago the Indian government through a process of demonetization, made most of the fiat currency notes worthless overnight. This is precisely one reason why people may trust decentralized currencies like Bitcoin over fiat. The government will find it tough to crack down on Bitcoin given the presence of overseas exchanges and a tech-savvy, young population.


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March 13, 2018, 01:45:44 PM
 #7

Please explain me guys how anyone can ban Bitcoin. Am I right that it's not possible?

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March 14, 2018, 07:28:51 PM
 #8

Please explain me guys how anyone can ban Bitcoin. Am I right that it's not possible?

If the country bans the bitcoin, all the crypto related sites will be IP bans through out the country and separate exchanges and project running with the government registration. It will not operate after that.
Still none of the government or anything cannot stop using the people from bitcoin. If you use it when the crypto is not legal they cannot punish this as crime. That is reason many country planning ban the bitcoin and then regulating with the taxation.

 
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March 14, 2018, 08:35:16 PM
 #9

All the officials know how to steal a Fiat. Due to the emission of Fiat, they shift these losses to people. That's why they get rich and we get poor. The natural desire of people to change this system. Of course, the officials do not want it. They come up with a variety of fakes in order to preserve their capabilities and destroy cryptocurrencies.
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