Indian Babudom out in Full Force: What to do about it

[amishmanish]

Bitcoin gives too much control in the hands of normal people which the colonial babus of our country can never find palatable. Just last night, i wrote a response regarding how the government will slowly and surely wrap it's tentacles around us..

I guess the thought was jinxed. The SIT for black money has jumped into the foray declaring:
SIT ON BLACK MONEY REVIEWS CRYTPOCURRENCIES, RECOMMENDS CLAMPDOWN

That f***ing SIT was made to fight black money. They have failed terribly at that so i guess they moved the target to show their expertise.

The bureaucrats and babus sucked the lifeblood out of poor people of this country all these years, fattening on corruption and a labyrinth of taxation for which the common man can never hold them accountable. Go to any government office in India's hinterlands & mofussil towns and you'll find these people presiding with the arrogance of some old nawab.  They are supposed to be Public Servants, but they'll do everything in their power to confuse and misguide the uninformed, poor people. It makes my blood boil as I often witness this firsthand.

This same Babudom philosophy is used at the highest decision making levels and is now being used for bitcoin. They will do all they can to paint cryptocurrencies with their 'black-money' and 'terror-financing' brush. It's up to civil society and us to present our point.

What are we doing about it? Suggestions are welcome. Please post links to any representations/ petitions being made that you know about. Let's consolidate the effort as a community.

Regards

[1713534739]

1713534739

[Guvn0r]

It is ok for central bank and everyone concerned with national economics - when frauds like vijaya malya, nirav modi runs away with peoples hard earned money and live comfortably outside India. They talk like true patriots about how BTC will be used for money laundering, terrorist funding etc... which is nothing but a cheap trick to get the mass (who is already living in fear) have a negative opinion about BTC, and therefore limiting a nation-wide adaptation.

Every exchange in India have a mandatory KYC procedure and only pays out to the bank account linked to the customers name. Its not that hard to track down suspicious transactions even when BTC is known for anonymity. They simply oppose the whole idea of BTC because they don't want common man to adapt to this technology - which will be the end of their power over people's financial freedom. Decentralization is true democracy and is the biggest fear of people with power and political influence.

Everyone needs to know about what BTC really is, I think the first step is to spread awareness among people with all the facts about what is going on. It will not happen overnight, we got to be patient as a community.

I have found a petition (change.org). Will edit with more as I find them.

[amishmanish]

It is ok for central bank and everyone concerned with national economics - when frauds like vijaya malya, nirav modi runs away with peoples hard earned money and live comfortably outside India.

Lol..Exactly. Its ridiculous that the banks give away loan to big corporates without due diligence and with clearances accorded in a word-of-mouth fashion from ministries. These people then simply run-off with the money.
This is as bad as the big banks rigging the political system in USA. It's only that we simply don't have a population concerned enough or watchdogs like honest parliamentary committees that can look into this.
They rig the media, the banks, the politicians while the people involved are sent off to avoid hard questions.

Every exchange in India have a mandatory KYC procedure and only pays out to the bank account linked to the customers name. Its not that hard to track down suspicious transactions even when BTC is known for anonymity.

Very good point. When all the exchanges are already complying, where does the question of suppressing them comes from. While they should be tracking down the bad guys, they simply want to take down the good ones first to avoid having to take a nuanced approach. Typical Indian babudom.

I have found a petition (change.org). Will edit with more as I find them.

Thanks for the link. Let's keep it circulating..

[Guvn0r]

This is from another thread I have posted recently regarding something similar to RBI's action against cryptocurrency that happend in chile and how they responded by going to the court.

P.S. I am no expert of law, just wondering if something like this is possible in India too? If yes, Why wouldn't exchanges give it a try?

A PIL is already underway.

Details: https://docs.google.com/forms/d/16XcNPYI-86gMThhQK2qi0hLc_mHClGNGD41AVa5t3Ko/viewform?edit_requested=true

Follow: https://twitter.com/Blockchainlaw91

I hope all our Indian members will join this and show support. I would also suggest sharing the same in social media groups etc..


Link to the above mentioned discussion thread.