Banning Crypto a big mistake by India’s Govt? by Techcraze Unkown
Crypto currency, Block chain is gift from the technology but our government is planning to go to the opposite way so lets discuss the same.
Crypto a boon:
Crypto is the future of technology we now a days use UPI (unified payment interface) to pay a merchant and this is regulated by the Reserve bank.
The RBI in 2017-2018 stood against crypto currency but eventually lost the case in Supreme court where the court took decision in the favor of crypto currency.
In the year 2020 companies like wazirx, zebpay and other trading platforms grew up because of the boom in the bitcoin reaching new heights.
Although Crypto currency won in the supreme court the government is still trying to ban in the name of regulating it.
Regulation or a complete Ban.
recently the government draft a bill on crypto which clearly says banning all the crypto currency with all direct or indirect mining or generation will be a punishable act.
Bitcoin Ban? again?
see the government perspective is that using crypto currency will damage the economy because of it is decentralized algorithm. And could also lead to terrorist funding.
well observing this Indian crypto trading platforms gave a free hand to the authorities by taking a KYC (know your customers) by this we can control crypto currency to a extreme limit.
And stop from any illegal activities on March 20,2021 WazirX C.E.O tweeted
Mining Ban? Why?
Bitcoin mining is a process in which the miner or the machine is used to confirm a transaction by solving a very complex mathematical problem.
By confirming the transaction or a block you get paid with BTC and I don’t thing this should be banned because at the end of day you are just getting paid for solving a problem or a block by a machine.
Mining in india is done on a very small scale, mining machines are in a scarcity even Graphic card are barely seen.
But the government wants to solve the problem by banning all of them but they are not even necessary. And by this we Indians will always be years back of the world.
If these mining machines (ASIC) use a lot of problem here is a clear explanation from Nischal shetty.
The government can also regulate miners with out banning them. by applying GST they can pay a share of their income and there is nothing illegal or a potential harm to the economy.
Banning will affect foreign companies.
Recently Elon musk tweeted and said that you can buy a tesla car with bitcoins.
Many developed and developing nations have already taken steps to use the underlying technology. if they taught of banning them the people would be protesting because they knew the power of crypto.
But india many few people know the actual meaning of crypto currency.
Like this if we wont use the technology the companies will take a step back from coming to India.
Just because we are not stable enough. by this many companies will take a pause while thinking of India only because of a large audience.
Hence I conclude that all the lawmaking powers should thing of crypto and realize the power and should use to make progress in the country.
Visit Nischal shetty twitter handle: https://twitter.com/NischalShetty
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