Why Arun jaitley ji, Modi ji and RBI has no idea about what they are talking!

[cuddaloreappu]

Across the globe those opposing the crypto revolution, mostly the banks and state have one thing in common. They all claim that "bitcoin is bad but blockchain is good".

Our Modi ji twitter handler, one day was continuously tweeting about latest tech likes of AI and benefits of blockchain. Finance minister Arun jatley ji said the same thing in the budget speech. Now RBI also joined the line and saying the same that they support blockchain and going to develop their own coin..

There is only one truth here: either they have no idea what they are talking about or that they know but are lying to deceive people.

because blockchain cannot exist without a token, because you need a token with value to reward the miners who secure the network. its like shiva and shakthi...one cannot exist without the other.

Therefore why do you want to bring a centralized process to a decentralized process?

Govt and banks already have a system that is far more efficient, scalable to any level with their current centralized banking networks.

Why do they even want to have something like blockchain. Even if they do,  how efficient and secure will the blockchian network be?

hence the answer could be that they are all acting to make it appear that they are not tech averse and open to new technology.
After all india being the IT hub of the world would look shame if they ban a new technology and Digital India is a pure fantasy.

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[rudystyle]

Truly said. There is a dissonance in what they practice and what they profess.  Looks like they are just taking the electorates for a long ride

[icoprofits]

what Indian government is saying is they want to kill the cow ( Bitcoin ) and exact Milk(blockchain) so those who are reading this will understand how intelligent Indian government

[Clement Kaliyar]

because blockchain cannot exist without a token, because you need a token with value to reward the miners who secure the network. its like shiva and shakthi...one cannot exist without the other.

It is possible to have a blockchain without a token, you just need to fund for the hardware to run the blockchain, so this is not entirely true but one thing i can tell is that they have no idea what they are talking about and i am yet to see what the situation will be because of the RBI's statement about holding the entire market. I hope we will see a reversal in their statement in the future.

[RAMSHIVDEEPAK]

One reason behind this ban which I can understand that INDIA don't have enough security features or able to prevent or arrest fraud one.We have recent example of AMIT bhardwaj (MCAP owner)who tab away with around 2500 crores.

Second GOV. never want to loose their control  from financial market.If it  has been done,then there is risk for political stability.

[~Money~]

crypto is like water you can not stop it by putting ban hammer but you can control it by putting under law and dont forget the tax .. they are cutting there own legs

[amishmanish]

Truly said. There is a dissonance in what they practice and what they profess.  Looks like they are just taking the electorates for a long ride

Unfortunately, there is dissonance in everything that this government does. This was most visible during the demonetization drama. All talk and no work has made all of them dull boys..

If this idea of RBI coming up with it's own cryptocurrency materializes, you can expect the government to introduce some sort of licensing and make owning cryptocurrency some sort of crime without it.
That is what the Indian bureaucracy has always been known for. Complicating a simple system beyond all recognition by introducing checks and watchdogs at every point. The watchdogs are basically meant to act as extortionists.

I frankly hope that the Jaitley group just leaves crypto on their own in India. Let them dissuade the banks from financing it and let us move to a peer-to-peer system rather than rely on their stupid regulations.

[apoorvlathey]

Actually, financial institutions like banks are afraid of bitcoins because if more people get involved in cryptocurrencies the lesser would be their involvement with centralised systems like banks, and so they would suffer.
The main aim of the government currently seems to not support popular cryptocurrencies like bitcoin,etc but to introduce there own coin, which might benefit their own self. Instead they should follow the path of progress, like Japan has legalized the use of bitcoins similarly we must to do so if we want to develop further.

[SixOfFive]

I completely agree with you on some points. I think that all of them have no idea of what they are talking. The only thing for which are concerned right now is (which looks from their attitude and actions) to protect the financial intermediaries or the so called “banks” or financial institutions. Bitcoin with all its advantages of decentralization can pose a huge threat to the existence of banks. Therefore, RBI has banned it and not the government, implying that only banks are restricted to use Bitcoins. The general public can still trade in it.

[Real14Hero]

I don't really care about the ban.
Infact I am glad that they banned cryptos in India.Now people will get back to P2P trading and will leave those shitty exchanges.

I use bitcoins for only gambling and buying stuff anonymously, and the ban is going to stop me from doing either of it.It's just going to stop newbies from entering the crypto world.And I don't want  everyone using this beautiful technology.They can't even comprehend the beauty of cryptos.
Why do you care? It's not punishable to hold bitcoins, so chill )

[RameshSekar111]

I agree with you bro.
Indian Government don't want to adopt new technology but saying they are soon going to be 'digital India'.
They are going fool the people as they do before.

They don't see Nirav Modi, Malaya scam for years. But now saying they going to create centralised coin (to have the control and to scam in future)

Save cryptocoin. Sign the petition.
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution

Let's fight for our rights.

[amishmanish]

I don't really care about the ban.
Infact I am glad that they banned cryptos in India.Now people will get back to P2P trading and will leave those shitty exchanges.

I use bitcoins for only gambling and buying stuff anonymously, and the ban is going to stop me from doing either of it.It's just going to stop newbies from entering the crypto world.And I don't want  everyone using this beautiful technology.They can't even comprehend the beauty of cryptos.
Why do you care? It's not punishable to hold bitcoins, so chill )

LOL..Right.The easy conversion to Fiat had turned crypto into this get rich scheme where people were buying BTC as a get-rich quick scheme. Along with that, people have also been buying all sort of 1 cent coins hoping for a quick 10X. It was becoming a silly game of luck and secret telegram, whatsapp groups..Annoying as hell. I had people come up and telling me to buy ripple for "it's the next bitcoin, Bitcoin has some problem". The premine and a 100 billion supply be damned.

At least now the experimenting on trying to make it work the way it was meant to can continue. Though I am not all too sure that the government will not try to do even more hand-holding and provide silly 'guidelines'.

[girirohit957]

If you look at the bigger picture , the RBI initiate a fud and by that fud Bitcoin should drop by 5000 or below , as per RBI and Elite group expecting but it didn't happen , because Indians are hard nut to crack or fool , it's all are planned on bigger level , but didn't worked well , now look at the news and all posts there are only positive news about cryptocurrency , India will never ban crytpo ,

[Sasuke102001]

The Indian government is just selfish af msy it be the INC or the BJP both can just talk and no work is done. I don't see Modi's ache din anytime soon or even in the next 100 years. I don't see cryptocurrency as a major harm to the Indian economy but as we heard India trying to make its own coin surely has some selfish motives. I would rather suggest to go and get hold of those a******* Mallya and Nirav who just fcked off after scamming 9.5k crore and 11.5k crore respectively. But they fcking won't they sre just behind crypto crypto.

[RameshSekar111]

PM, FM and RBI are playing in politics. They don't want to improve our understand anything.
We have to fight for our rights and shows the power of cryptocurrency.

[sureshotcoin]

indian govt in mind to bring their own coin in centralized form for blockchain based transactions strange but their reality is different

[legendster]

...Modi modi Jaitley Jetlee Rubi Rbi ....

It seems like you are the one who understands very little about the implications of blockchain.

Let me dumb it down for everyone.

Bitcoin = More money syphoned from the mainstream economy into an untraceable and un-taxable system. = Bad for business.

Like it or not, India has made a business out of governance. They are taxing people to death. Now offcourse, I understand that the death for tax incidence in that link was an exception and not a rule, but you get the message. Taxes are high here. And this is a business. Bitcoin or any crypto, HURTS that business.


Now blockchain.

Think of it like a really advanced ledger system, the likes of which didn't exist before. They did come close in some instances like the one I talked about here : _{How close did they get to Blockchain before it's 'invention'?}

In our country, cases of duping the system has always existed, for instance, Electronic Voting Machine (EVM) tampering, duplicate bank accounts, duplicate pan cards, multiple ration cards, multiple ID proofs in different state etc etc.. all of it can be quelled directly with the decentralized integration of a blockchain like system.

Was that dumb enough for everyone?

[midelou]

They are old school so they don't know what they are talking about. The fellow who said that bitcoin is a 'ponzi scheme' is an idiot.

On the other hand, maybe they know everything and they are just lying to us, the people. They (govt. and RBI) have been controlling money for ages. Now that cryptocurrency is here, they feel that they are losing control and they don't want to lose that control.

Instead of banning cryptocurrency, the govt. should embrace it and earn some tax.

[bright07]

It is just because till now R.B.I was not given any report about crypto currency, now it come forward with crypto report so finance minister came to know about the same.

[deepakg2m]

because blockchain cannot exist without a token, because you need a token with value to reward the miners who secure the network. its like shiva and shakthi...one cannot exist without the other.

It is possible to have a blockchain without a token, you just need to fund for the hardware to run the blockchain, so this is not entirely true but one thing i can tell is that they have no idea what they are talking about and i am yet to see what the situation will be because of the RBI's statement about holding the entire market. I hope we will see a reversal in their statement in the future.

Actually you are right but then the question arises that does Indian Government has enough budget required for funding for the hardware and even if they had will they be able to execute their plans successfully.