Introducing a state-issued cryptocurrency

[illusion_ishita]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

[1714099923]

1714099923

[mk4]

I think its a good decision by government.. What you guys think about it?

So.. ban the people from using cryptocurrencies like bitcoin that provide financial freedom to the people, and let them use digital versions of local currencies instead; which the government can inflate(and set certain restrictions to people's finances) if they wanted to. I'm sorry how is this a good decision again?

[crwth]

I don't like what I read in some articles; it seems like India is threatened with what cryptocurrencies could do to the economic balance. But that's just how it becomes an impact on everyone's lives. I think they are just making it harder for the inevitable. I believe they have a large amount of volume within the cryptocurrency space, right?

[pooya87]

I think its a good decision by government.. What you guys think about it?

Considering that previous attempts by other governments creating centralized shitcoins (eg. el Petrol) have failed miserably it is obvious that this is not a "good decision" in any way! Not to mention that they can't effectively ban bitcoin usage ever.

[DapanasFruit]

I am really expecting that eventually the government of India will be regulating cryptocurrency and not banning them altogether in favor of having a state-issued cryptocurrency or what we call as CBDC. This is bad news for the growing cryptocurrency enthusiasts and supporters in India and I am hoping that there can be a good representation of the industry in the discussions of this proposed plan. India is a big market can be a big force in cryptocurrency if its market can be allowed to be open.

[DarkDays]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I see the irony right there, in between these lines 'all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities' and 'govt may introduce an official digital currency in India'.

What frustrates me is that every person reasoning why they are anti-crypto uses the 'weapon terms' it fuels terrorism, drugs and other illegal activities - and I'm like, these things exist with fiat and will exist with everything else that is of value, it is not a cryptocurrency born issue, no the issue always existed and will continue to exist!

[Poker Player]

I think its a good decision by government.. What you guys think about it?

Are you joking?

In the Bitcoin forum par excellence, what do you think we will find? We are for a decentralized currency and not the digital versions of the crappy fiat currencies controlled by governments and central banks.

[NeuroticFish]

I think its a good decision by government.. What you guys think about it?

Do you realize that if you hold such a currency the authorities can automatically withdraw or seize your coins in your wallet?
Do you realize that the authorities can make mistakes or abuses and this can become even a tool against their opponents?
Now think again: is it a good decision or not?

[Mauser]

I think its a good decision by government.. What you guys think about it?

It's a hard question for me to answer. On the one side I can understand governments who don't want to give up their control over the monetary system. Losing control over the supply of money can be problematic if the country relys heavily on debt. All the politicians are aware of the crypto boom and would like to profit of it without giving up control. For the government it seems like a good idea to issue a state controlled crypto coin. But on the other side are the investors who need to decide if they want to use the new crypto coin. For me the attractiveness of crypto currencies is the independence from government. I am not looking for government controlled crypto projects, because we never know desperate a country might be in the future. I think there will be more investors looking did independent projects with no government influence.

[giammangiato]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

Governments will try to enter the world of cryptocurrencies more and more, for one reason only! They understood that it is possible to profit by taxing this too! Your financial freedom is yours and yours alone, why should anyone get involved? What would be the good side of this?

[PrivacyG]

All I am going to say is, the past two years of allegedly good choices have shown me enough.  They do not care about you, or your freedoms.  They will not stop terrorism.  They will make you feel so safe you will not feel safe anymore.  When there is Orwellian-style surveillance anywhere you turn your head, safety will be already replaced by fear.

What they are doing now is just proving you they want you under control, not under freedom.  They want you to fear using a currency giving you more rights.  They want to make you feel like a terrorist for using a free currency.  And apparently, they are doing a great job at it.  Tor is fueling terrorism, Bitcoin is fueling drug trafficking, cash is fueling the pandemic, Monero is fueling human trafficking and pedophilia, transactions over $600 are fueling money laundering if not suspected of crime, burner phones and disposable/non-KYC SIM Cards are for drug dealers, Telegram and Signal are for those who have something to hide, gold and silver fuels terrorism funding and the list could continue for pages long.

But we use Signal even if we told you they are bad.  But we do not wear masks, we are using secure smartphones, cash and we are laundering more money than your entire family tree has ever been able to because we are politicians.  But YOU use the National Digital Surveillance Currency and all of this is going to be fixed in a second.  No more crimes, we will monitor every single aspect of YOUR life and we promise it is all for your good.  But to vote for us to stay in power again?  Not even an ID required.

How do people NOT see a pattern in all of this?  No, definitely NOT a good decision.  Sorry for the rant, I have had enough of this.

-
Regards,
PrivacyG

[michellee]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

Governments will try to enter the world of cryptocurrencies more and more, for one reason only! They understood that it is possible to profit by taxing this too! Your financial freedom is yours and yours alone, why should anyone get involved? What would be the good side of this?

As long as people know how to deal with the tax, they will not have a problem because when someone can keep his coins secretly, you will be okay. Paying taxes is a contribution for people but the government should be fair because they should add a big amount of tax to rich people while reducing the tax for the poor. Hopefully, the government can be wise regarding crypto to have crypto without worrying about their regulations.

[Ucy]

Well, Bitcoin is not a private cryptocurrency. I hope people understand what Private in that context means? Bitcoin is open-source and is owned by Citizens/members of the Network. If you contribute and always work for the interest of the Network, you are citizen and part of the Network. If it's private it wouldn't be open to the Public to be part of permissionlessly.

It's Public and Open to honest people in any country to use and help keep it safe & operational.

In regards to people abusing it, I think it's Transparent and Public enough for Law enforcement people in any country to monitor and prevent abuses coming from their respective country. I think you can safely have IP/Identity linked to dangerous criminals unmasked when you notice their addresses are used for committing dangerous crimes. This could be done on a safe and decentralized identity system for people using Bitcoin. If the I.D System is not safe enough for innocent people ,they are free to use Tor, VPN or other privacy preserve tools. So,it's better and wise to make it Safe

[KaliLinux]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

How can that be a good decision? I believe the question that should be put to whichever Government that is still trying to use all these lame excuses to bring cryptocurrencies down is for them to provide prooves of all the illicit transactions they have been associating to Bitcoin and other cryptos. Bitcoin is just barely 11 years while terrorist financing/Drugs financing has been around way longer than that. If you still don't understand why the Government is doing this, then you are not supposed to be here and whatever they issue as a cryptocurrency is not cos it will never fit the characteristics.

[davis196]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

1.Any link to the source of this information?
2.Can you explain to us why this is a good decision by the government?
It seems to me that the Indian government and central bank are full with anti-crypto boomers,who keep repeating the same old "crypto is a currency of the criminals and terrorists" type of propaganda.
If India ever launches it's own state-issued cryptocurrency,who can guarantee that this state-issued cryptocurrency won't be used by criminals and terrorists?
The government coin is going to be entirely pure and free of any crime and corruption,but the cryptocurrencies are a source of evil,corruption and crime.Sounds like a joke to me.

[Kakmakr]

I think its a good decision by government.. What you guys think about it?

What are you smoking?

All Crypto currencies or digital currencies that are controlled by a centralized entity or a government is doomed to failure. We have first hand evidence of this with fiat currencies that are being manipulated and printed like toilet paper. 

A centralized entity will have full control over the supply and also the transactions that are done or not being allowed on these platforms. (They can block transactions / wipe out the history of specific transactions / add transactions / confiscate people's tokens ...etc.. etc.)

This is sooooo wrong!

[kryptqnick]

I think its a good decision by government.. What you guys think about it?

Considering that previous attempts by other governments creating centralized shitcoins (eg. el Petrol) have failed miserably it is obvious that this is not a "good decision" in any way! Not to mention that they can't effectively ban bitcoin usage ever.

Not everything failed miserably, actually. eNaira (Nigerian CBDC) seems to be doing well with 500k wallet downloads in 3 weeks since the launch, and IMF agreeing to provide technical support. Then there's also digital yuan from China which hasn't fully launched yet, I believe, but has been tested since April and is about to go live, and it allegedly already has 140 million users.
I don't think CBDC is necessarily a failure, and I don't even mind that some countries are experimenting with them. They are competing with fiat more than with cryptos IMO, and the only thing I do think it deeply wrong is attempting to meet the demand for cryptos with CBDC and ban cryptos in the meantime.

[lovesmayfamilis]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

1.Any link to the source of this information?

Plagiarism https://bitcointalk.org/index.php?topic=1926895.msg58466400#msg58466400

[Wexnident]

So.. ban the people from using cryptocurrencies like bitcoin that provide financial freedom to the people, and let them use digital versions of local currencies instead; which the government can inflate(and set certain restrictions to people's finances) if they wanted to. I'm sorry how is this a good decision again?

Well... It's a good decision for their side I guess? I mean, I doubt the government has made any decision so far that's actually good tbh, except for probably a select few. Well it's a pretty bad damn decision, heck no just that even the reasoning is pretty stupid imo. Just the argument of fiat being used for the same of whatever they claim crypto is being used for. It's not even private crypto, it's completely public. I don't even know why they managed to use anti-national activities as a reason when it's completely transparent, and it's pretty damn stupid to ban a medium to the activities of those who use it.

[Gozie51]

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'.

These are allegation that has been there along time with bitcoin and the critism about bitcoin used for illegal transactions, drug dealing , terrorism or trafficking will still continue but it is an excuse and nothing but an excuse. I ask a question that is fiat not used to also pay for bad businesses? Payment of terrorism, bandits , smuggling of hard drugs before bitcoin created were all done by cash and yet the businesses are still flourishing , the government have not stopped them. The Nigerian government ban crypto accounts that are with banks for the reason that it was a channel for supporting an #endsars struggle against the government but these are all just flimsy, the government is creating allegations but can't stop the moving train.