India is going against the future economy.

in LeoFinance2 years ago (edited)

This publication was also written in SPANISH and PORTUGUESE.

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The Indian Wire

The next steps for Indian investors who believe in blockchain technology and cryptocurrencies are extremely negative, because the government of India is close to creating the law that will completely ban digital currencies in the country. Currently, the project is in its final stages and if it is approved (something that according to some speculations and familiar sources with the matter is entirely possible), it will criminalize ownership, mining processes, emission, trade and all the types of transfers involving any cryptocurrency within the country.

Last month, I wrote a post talking about a public consultation that focused on the national blockchain plan by the government. They wanted to hear from people closest to the subject what they thought about this trend in relation to digital currencies, while they were democratizing the debate around this trend. Unfortunately, the project did not have the expected effect because the government of the country is really committed, in its most diverse political layers, to pass legislation that will act against the implementation of these digital assets at all costs.

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Medium

The votes needed for the project to be approved in parliament appear to be the majority and if approval does happen, investors will have a six-month time limit to dispose of their cryptocurrencies before harsh penalties are applied. A situation that can be an even greater setback than ignoring the future of money is the fact that the government is willing to suppress the right of Indians to invest in this option, and intends to use fines and even prisons to force and try to ensure that the law is not enforced. unfulfilled by the most "rebellious" part of the population.

This idea of ​​fines and prisons (which can reach 10 years) has been around for some time inside the country, but a more incisive perspective on these sanctions is gaining more and more weight because the popularity and access to cryptocurrencies within the country keeps growing. India is the second most populous country in the world, and this measure by the government (which received a negative look from the central bank as a form of support stating that the future of the cryptocurrency segment is very unstable in its levels and volatiles in their values) raises concern at alarming levels for investors.


India va contra la corriente de la economía del futuro.

Los próximos pasos para los inversores indios que creen en la tecnología blockchain y las criptomonedas son extremadamente negativos, porque el gobierno de la India está cerca de crear la ley que prohibirá por completo las monedas digitales en el país. Actualmente, el proyecto se encuentra en sus etapas finales y de aprobarse (algo que según algunas especulaciones y fuentes familiarizadas con el tema es enteramente posible) criminalizará la propiedad, los procesos mineros, la emisión, el comercio y todo tipo de traspasos que involucran cualquier criptomoneda dentro del país.

El mes pasado, escribí una publicación hablando de una consulta pública que se centró en el plan nacional de blockchain del gobierno. Querían escuchar de las personas más cercanas al tema qué pensaban sobre esta tendencia en relación a las monedas digitales, mientras democratizaban el debate en torno a esta tendencia. Lamentablemente, el proyecto no tuvo el efecto esperado porque el gobierno del país está realmente comprometido, en sus más diversos estratos políticos, a aprobar una legislación que actúe contra la implementación de estos activos digitales a toda costa.

Los votos necesarios para que el proyecto de ley sea aprobado en el parlamento parecen ser la mayoría y, si se aprueba, los inversores tendrán un límite de tiempo de seis meses para deshacerse de sus criptomonedas antes de que se apliquen duras sanciones. Una situación que puede ser un retroceso aún mayor que ignorar el futuro del dinero es el hecho de que el gobierno está dispuesto a suprimir el derecho de los indígenas a invertir en esta opción, y tiene la intención de usar multas e incluso prisiones para forzar y tratar de asegurar que la ley no será incumplida por la parte más "rebelde" de la población.

Esta idea de multas y prisiones (que puede llegar a los 10 años) existe desde hace algún tiempo dentro del país, pero una perspectiva más incisiva sobre estas sanciones está ganando cada vez más peso porque la popularidad y el acceso a las criptomonedas dentro del país sigue creciendo. India es el segundo país más poblado del mundo, y esta medida del gobierno (que recibió una mirada negativa del banco central como forma de apoyo al afirmar que el futuro del segmento de criptomonedas es muy inestable en sus niveles y volátiles en sus valores) genera preocupación a niveles alarmantes para los inversores.


Índia anda na contramão a economia do futuro.

Os próximos passos para os investidores indianos que acreditam na tecnologia blockchain e nas criptomoedas são extremamente negativos, porque o governo da Índia está perto criar a lei que vai banir completamente as moedas digitais no país. Atualmente, o projeto está em suas fases finais e caso ele seja aprovado (algo que de acordo com algumas especulações e fontes familiarizadas com o assunto é totalmente possível), irá criminalizar a posse, os processos de mineração, a emissão, o comércio e todos os tipos de transferência envolvendo envolvendo qualquer criptomoeda dentro do país.

No mês passado, eu escrevi um post falando sobre uma consulta pública que focava no plano nacional de blockchain por parte do governo. Eles queriam ouvir das pessoas mais próximas a esse assunto o que elas pensavam sobre essa tendência em relação as moedas digitais, ao mesmo tempo em que estavam democratizando o debate em torno dessa tendência. Infelizmente o projeto não surtiu o efeito esperado porque o governo do país realmente está empenhado, em suas mais diversas camadas políticas, a aprovar uma legislação que vai atuar contra as implementações desses ativos digitais a todo custo.

Os votos necessários para que o projeto seja aprovado no parlamento parecem ser a maioria e se à aprovação realmente acontecer, os investidores terão um prazo limite de seis meses para se desfazerem das suas criptomoedas antes que penalidades duras sejam aplicadas. Uma situação que consegue ser um retrocesso ainda maior do que ignorar o futuro do dinheiro é o fato do governo estar disposto suprimir o direito dos indianos de investir nessa opção, e pretende utilizar multas e até prisões para forçar e tentar garantir que a lei não será descumprida pela parte mais "rebelde" da população.

Essa ideia sobre multas e prisões (que podem chegar a 10 anos) já vem circulado há algum tempo dentro do país, mas uma perspectiva mais incisiva sobre essas sanções está ganhando um peso cada vez maior porque a popularidade e o acesso as criptomoedas dentro do país não para de crescer. A Índia é o segundo país mais populoso do mundo, e essa medida por parte do governo (que recebeu como uma forma de apoio um olhar negativo por parte do banco central afirmando que o futuro do segmento de criptomoedas é muito instável em seus níveis e voláteis em seus valores) traz uma preocupação em níveis alarmantes para os investidores.

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The decision was later changed by the finance minister of the country saying that they are not looking for a ban but need to regulate the crypto currencies, which in my opinion is a futuristic approach.

The regulation of cryptocurrencies is a fact, there is no escaping it. But I really think that the Indian government is trying to concentrate too much power in this scenario.

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Nothing like betting against technology.

It just shows how asinine politicians are around the world. They are corrupt and so power hungry they will destroy their countries future to maintain that power.

Six months is a long time in the development world. Hopefully there will be enormous break throughs and pushes forward that will make this legislation pretty meaningless.

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This move will impact the crypto markets as well @taskmaster4450le.

They are corrupt and so power hungry they will destroy their countries future to maintain that power.

The current ruling party (called BJP) is known for its fascistic tendencies & this will be a no surprise to me if they pass such a law. The good thing is that these clowns do not understand that they still cannot restrict someone to buy and hold crypto or even trade cryptos. Unless they shut the internet in the country, lol. (Not So Fun Fact: 70% of the global internet shutdowns in 2020 were from India). That would be crazy.

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They will regret it... Bitterly.

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I believe it is still pure speculation regarding this ban. Just FUD. I also wonder how they'd know if one holds crypto or not.

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The prison part I think is really speculation, but the ban probably isn't.

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I'd say it's all speculation.

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The war against crypto does not stop
But I notice that it makes it stronger
And with time many will submit

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The war will become even stronger over time (if the rules on a global level are not better defined).

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Here in Russia the government also talks about banning crypto. Yet we are morel lucky so far. You can still own and sell crypto as long as you report this to the government and pay taxes. Yet you can't use crypto as payment method or promote using crypto payments. You can get jailed if you allow payments in crypto in your shop.

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Russia is also a country that does not seem to be as favorable to cryptocurrencies. However, the situation of the Russians is much better than the situation of the Indians.

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I will be very disappointed if they actually pass the bill to criminalize trading, owning of cryptocurrency. These clowns sitting in the parliament are so illiterate, they do not understand what this tech can do for a third world country like India. All they know is to BAN things and they keep doing it one after the other. Apart from being 2nd most populous country, India is the largest Democracy in the world, at least on papers. But the recent events happened in the country only proved that the current regime is against the concept of Freedom & Liberty. Taking us backwards for their political gains and to establish more control on the citizens.

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