Proposed Crypto Currency Ban in India
The Government of India’s recent move to ban all the “Private Coins” by the Crypto Currency and Regulation of Official Digital Currency Bill 2021 is a really unfortunate move. It clearly shows the pathetically narrow-minded set of Indian politicians. Bitcoin or Ether cannot be termed as ‘Private.’ There are so many other coins also in the same category. Besides, the idea of ‘Blanket Ban’ to all kinds of crypto currencies is nothing but absurd. Pointed out by several eminent experts, by imposing this ban, the Government of India is trying to block the huge technological advancement that will benefit its citizens. The crypto will generate informal job opportunities for thousands of people in almost all the segments. Above all, Crypto ensures a true egalitarian society where the stakeholders are equal irrespective of their nationality, race, caste and creed. There may be fraudulent fly-by night operators in the crypto world. But that doesn’t justify its ban. The Government should not confuse the people about the government-owned Digital Currency. That is a different matter and banning the crypto currency is a totally different issue. Instead of curbing the Crypto Currency, the Government of India should appoint an expert committee to understand and analyze the matter in detail. Otherwise, they can’t understand the ramification of this ill-conceived new bill. If we gauge the pros and cons of this proposed bill, the crypto currency ban will do more harm than good.
By
Editor-in-Chief
INSTANEWSGRAM