Posted on 11/23/2021 11:07:27 AM PST by BenLurkin
The bill — called Cryptocurrency & Regulation of Official Digital Currency Bill 2021 — will also create a “facilitative framework” for the creation of the official digital currency for the country, the legislative agenda adds.
Lawmakers in India have for several quarters been discussing risks of cryptocurrency trading and trialing a central government-backed digital currency.
An increasingly growing number of Indians, many of whom have never invested in the stock market or any other asset class, have started to trade cryptocurrencies in recent quarters, prompting concerns among some that they might end up losing their money.
Local cryptocurrency exchanges have reported growing volumes of transactions and user bases this year and raised record capital from high-profile investors. CoinDCX, backed by B Capital, and CoinSwitch Kuber, backed by a16z and Coinbase Ventures, became unicorns this year.
(Excerpt) Read more at techcrunch.com ...
Gotta have control babycakes!
Every time China banned crypto the BTC went way up. These stupid tyrants never learn. They can't control or stop this.
I had this conversation with my neighbor this morning, her son just got a big time job with Coinbase which is a big Crypto Currency company based in SFO...
She disagreed when I said, it was great that her son got the big time job, but at some point governments around the world will ban crypto currencies....
Every country has a central bank and then there is a central bank of central banks in the Bank of International Settlements (BIS)....
The US Federal Reserve and other Central Banks will eventually move to ban Crypto currencies when they gain to much independence and start to really damage national currencies....
There is no way China will allow Bitcoin or any other crypto currency to interfere with their economy or damage the Yuan..
Same in the USA if the dollar begins to really suffer because of Crypto Currencies, the Federal Reserve will crush it....
The question is how they will crush it and how long will it take...
IMO, crushing crypto currency would not be difficult, just ban it’s conversion into dollars or refuse to take it as legal tender in any business based in the USA....
Remember in the early 70s Richard Nixon banned the redemption of US dollars for gold and the same thing could happen with crypto currencies, especially if the Federal Reserve and other central banks release their own digital currency...
How are they going to ban it? It is international and a independent network.
You would have to shut down the internet.
It would be like banning the $100 bill.
It would be easy to ban it, remember at one time Gold was legal tender and dollar were convertible to gold which was guaranteed by the Breton Wood agreement at the end of WW II..
Just ban the conversion of it to any national currency and ban it as legal tender...if either happens crypto currencies become worthless....
Very few if any countries will allow anything to interfere with or devalue their nation currencies....
Right now Crypto currencies are a blip on the radar of the dollar or any national currency...when and if that ever changes and nations will have no qualms about banning them.
You think the USA will quietly accept any break in the Petro Dollar as a means of international trade....wars will break out before that happens...
It’s impossible to ban BTC.
Sure they can. Surprised they haven't yet.
I agree with your last point. But the rest I respectfully disagree with.
Gold was more easily restricted because it was difficult to move. It would be easy to cross an international border and bring your Bitcoin to a “friendly” nation and convert it, bank it, or use it to exchange for goods.
There is no way the government can stop that. And the US has no intention of stopping that.
It might impossible to ban it, but it’s not impossible to ban the acceptance of bitcoin and any other crypto currency as legal tender....and that kills bitcoin if it happens....
Bitcoin is great but if no one accepts it what value does it have....???
India is about to pass a law that does exactly what you say is impossible....
I agree the USA has no intention of doing that right now, but 10 years from now it’s entirely possible and in fact probable...
5 years ago if I would have told you about how western governments went totalitarian overnight because of a virus where based on nothing but the whims of a politician could shut down entire economies you would have said I was crazy....
Come on you can't be serious? They simply make it illegal to own or trade in cryptocurrencies. NEVER, EVER CONFUSE what you can or may get away with, with what is legal.
I fail to understand how so many people can see how central governments could ban the trade of crypto currencies and render them worthless...
I think in years to come it’s not only possible but probable that crypto currencies get banned....
Perhaps of interest.
In 5-10 years, if you get caught using bitcoin, you will be sent to prison. They U.S. Dollar is fiat currency. It only works as long as we have confidence in it.
Fiat currency is correct, but what currency in the world is backed by anything other than confidence....
Perhaps there is one but I can’t think of any currency that is backed by gold or some other precious metal....
Governments and their central banks are never going to give up control of their currencies and allow something like a crypto currency which they don’t control to greatly effect their economies....if politicians can’t control it, eventually it will get banned....
We have a current experiment where governments did give up control of their currency, it’s called the European Union and the Euro....and look how fragmented Europe has become and how Germany basically has done what Hitler couldn’t do without having to fire a shot.....
The lone exception was the UK and they voted to leave the EU, but they kept their currency the entire time....making it easier to leave...the other EU countries are basically in Euro Prison...
Look what they did to numbered Swiss bank accounts. Effectively gone.
— > but it’s not impossible to ban the acceptance of bitcoin and any other crypto currency as legal tender....and that kills bitcoin if it happens....
Bitcoin in the US is recognized and taxed as an asset, as opposed to a currency.
In other countries is is not taxed, but recognized as a currency.
People and institutions use it as both.
—> You think the USA will quietly accept any break in the Petro Dollar as a means of international trade...
It is inevitable and discussions are occurring to replace it with a basket of currencies.
“Come on you can’t be serious? They simply make it illegal to own or trade in cryptocurrencies. NEVER, EVER CONFUSE what you can or may get away with, with what is legal.”
That was my first thought. Similar to guns: No, they won’t remove all the guns by outlawing them, but they’ll remove a lot, and the people who hold out will slowly get squeezed. No more ‘going to the range’, and if someone is on your property, the decision on how to respond gets much tougher, since you’re looking at 10 years if you use your firearm - while you don’t know what’s in the mind of your ‘visitor’ - maybe a few thousand in cash will get him to leave...or maybe he intends to rape your daughters regardless.
Life gets complicated when government outlaws stuff and one should never sell short the power of government.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.