Introducing a state-issued cryptocurrency

[TelolettOm]

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'.

Doesn't this mean that our freedom and right to use our money is severely restricted? And is it true that they will actually track where we are using those crypto assets? Will the crypto be banned or the person? What if only a few people use it for criminal purposes? Will it have an impact on the crypto asset ban even if only a few people or maybe 1 person violates it?

[South Park]

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'.

Doesn't this mean that our freedom and right to use our money is severely restricted? And is it true that they will actually track where we are using those crypto assets? Will the crypto be banned or the person? What if only a few people use it for criminal purposes? Will it have an impact on the crypto asset ban even if only a few people or maybe 1 person violates it?

You need to see beyond that, they do not care at all about those things, what they really care about is that what the average person is doing with their money does not escape their gaze, this is why they hate bitcoin since it gives the power back to the people, so when you see things from that perspective it makes complete sense that despite the fact that most of the financial crimes are performed wit fiat so much emphasis is put on those transactions supposedly being common place in this market.

[Sithara007]

Any state issued shitcoin is just "currency" and not "cryptocurrency". Especially in India and China, the governments seems to have realized that if they ban the real cryptocurrencies, then they may be able to fill the vacuum with their own state approved shitcoins. And here in India, a lot of people actually support such draconian initiatives. I have talked to a number of retarded people, and they claim that cryptocurrencies should be banned because only the government should have the power to issue money. They fail to realize that cryptocurrencies are more like an investment asset.

[wxa7115]

Any state issued shitcoin is just "currency" and not "cryptocurrency". Especially in India and China, the governments seems to have realized that if they ban the real cryptocurrencies, then they may be able to fill the vacuum with their own state approved shitcoins. And here in India, a lot of people actually support such draconian initiatives. I have talked to a number of retarded people, and they claim that cryptocurrencies should be banned because only the government should have the power to issue money. They fail to realize that cryptocurrencies are more like an investment asset.

You cannot really help those that do not want to help themselves, inflation all over the world is growing up at an alarming rate and we know the governments are at fault, so it does not make sense to think those that caused the problem are going to have the solution.

And yet that is precisely what people do over and over again by relying on the government to solve their problems, so I recommend that you do not waste your breath talking to people like that, let them think whatever they want, if they are lucky they will wake up to the truth eventually and invest in bitcoin, and if not then that is their problem, let them deal with their problems and let them watch how their fiat and their digital equivalents get worthless day by day.

[jostorres]

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?

That’s still the same thing that other governments in other countries are doing, they are banning decentralized cryptocurrencies (bitcoin, ethereum, etc.) to create their own digital currency which is known as the Central Bank Digital Currency.

This has been done in countries like China and Nigeria, the both countries has banned bitcoin and other cryptocurrencies and introduced their CBDC’s known as the Digital Yuan, and E-Naira, respectively. While they have chosen to take this part, there are other countries that have chosen to rather embrace cryptocurrency and declare it a legal tender. One that we know of right now is El Salvador, and there are others that have been said to have same plans.

[Hamphser]

Any state issued shitcoin is just "currency" and not "cryptocurrency". Especially in India and China, the governments seems to have realized that if they ban the real cryptocurrencies, then they may be able to fill the vacuum with their own state approved shitcoins. And here in India, a lot of people actually support such draconian initiatives. I have talked to a number of retarded people, and they claim that cryptocurrencies should be banned because only the government should have the power to issue money. They fail to realize that cryptocurrencies are more like an investment asset.

Digital e-fiat shit coin currency in short or in long terms. 

This had nothing to do with crypto and they had just made out their own centralized coin which is just similar to fiat which is something not really surprising for government or state to create on and would totally avoid

on adopting or make use of crypto directly which it isnt really that surprising eh? They would create their own rather than on dealing with something that cant be handled nor monitored out.

They've hated decentralization on the first place and for sure they would really be hyping and mandating this on best extent that they could.

[marilynmanson21]

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

I think everything will be fine if there are side by side between digital money and crypto, it's just that the government is not afraid of a large fund expansion if not with a mature plan, not to mention whether digital money can accompany crypto money, that's all in my mind if indeed digital money has been launched, maybe my country and India are the same as a country that has a very high fiat exchange rate with usd

[South Park]

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?

That’s still the same thing that other governments in other countries are doing, they are banning decentralized cryptocurrencies (bitcoin, ethereum, etc.) to create their own digital currency which is known as the Central Bank Digital Currency.

This has been done in countries like China and Nigeria, the both countries has banned bitcoin and other cryptocurrencies and introduced their CBDC’s known as the Digital Yuan, and E-Naira, respectively. While they have chosen to take this part, there are other countries that have chosen to rather embrace cryptocurrency and declare it a legal tender. One that we know of right now is El Salvador, and there are others that have been said to have same plans.

They can do whatever they want, it does not mean that we are going to adopt those coins at all, in fact the reason many people are adopting bitcoin is to stay away from fiat currencies, so it does not matter how much they try to obscure the reality through their lies, we know those coins are just a new form of fiat and we will stay away from it, and this means that while they can deceive the general population which do not know anything about the economy or the monetary system they will never deceive us, and as such bitcoin will keep existing despite their best efforts.

[qwertyup23]

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?

I think this completely destroys the idea of financial freedom- in why why BTC was created in the first place. The idea of having a "state-issued cryptocurrency" but banning any other cryptocurrency equates to the idea of forcing someone to use a specific cryptocurrency in a country. Bitcoin was created in order to avoid any third-party consensus in handling our transactions- so again, this completely shatters the dream of Satoshi of having to attain financial freedom.

I doubt that this is a good decision of the government given that it equates to no other than having to use fiat, where you are subjected to use a specific cryptocurrency while banning others.

[South Park]

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?

I think this completely destroys the idea of financial freedom- in why why BTC was created in the first place. The idea of having a "state-issued cryptocurrency" but banning any other cryptocurrency equates to the idea of forcing someone to use a specific cryptocurrency in a country. Bitcoin was created in order to avoid any third-party consensus in handling our transactions- so again, this completely shatters the dream of Satoshi of having to attain financial freedom.

I doubt that this is a good decision of the government given that it equates to no other than having to use fiat, where you are subjected to use a specific cryptocurrency while banning others.

They do not really care about things like financial freedom and if anything they want people to be financial slaves, the ideals of satoshi in fact run against what they want which is why they will do everything they can to destroy bitcoin, right now we are seeing bans but if the economy keeps getting worse then it is entirely possible that in the future we will see them trying to prosecute anyone that deals or has dealt at some point in the past with cryptocurrencies, which is why it is important to not bring attention to yourself about the fact that you use cryptocurrencies, just in case this happens where you live.

[milewilda]

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?

I think this completely destroys the idea of financial freedom- in why why BTC was created in the first place. The idea of having a "state-issued cryptocurrency" but banning any other cryptocurrency equates to the idea of forcing someone to use a specific cryptocurrency in a country. Bitcoin was created in order to avoid any third-party consensus in handling our transactions- so again, this completely shatters the dream of Satoshi of having to attain financial freedom.

I doubt that this is a good decision of the government given that it equates to no other than having to use fiat, where you are subjected to use a specific cryptocurrency while banning others.

They do not really care about things like financial freedom and if anything they want people to be financial slaves, the ideals of satoshi in fact run against what they want which is why they will do everything they can to destroy bitcoin, right now we are seeing bans but if the economy keeps getting worse then it is entirely possible that in the future we will see them trying to prosecute anyone that deals or has dealt at some point in the past with cryptocurrencies, which is why it is important to not bring attention to yourself about the fact that you use cryptocurrencies, just in case this happens where you live.

Stay low key and dont tend to boast out that you are dealing with crypto even myself on the situation where i do live on which crypto is still on that neutral phase which they dont still make out reactions or steps towards it but i wont be surprised if they would end up on banning or prohibiting it basing on the things happening around on the market on where they do look that crypto is a scam or some sort of a high risks investment which they do give out warnings.
I cant blame them about being protective into its citizens but they shouldnt really make things even more complicated. warnings would be enough and hopefully they wouldnt
really be making further step on it.

[pinggoki]

Just like what China did, they ban all kinds of crypto and then try to introduce something to the population that's basically the same but with the downside of being stupid and invades someone's privacy. I don't think that it's a good move, India should've just let crypto proliferate in their country and just benefited from the growth.

[South Park]

Stay low key and dont tend to boast out that you are dealing with crypto even myself on the situation where i do live on which crypto is still on that neutral phase which they dont still make out reactions or steps towards it but i wont be surprised if they would end up on banning or prohibiting it basing on the things happening around on the market on where they do look that crypto is a scam or some sort of a high risks investment which they do give out warnings.
I cant blame them about being protective into its citizens but they shouldnt really make things even more complicated. warnings would be enough and hopefully they wouldnt
really be making further step on it.

What happens is that they are not acting out of good faith for the well-being of  their citizens, they are protecting themselves, politicians only care about one thing and that is power and then once they obtain power they care about maintaining what they already have and obtaining even more power, they see in bitcoin a tool that is outside their control and that weakens their power, so of course they are going to do everything they can to weaken it or destroy it.

[Blue0x.com]

Myanmar already declared USDT as legal tender.