BITCOIN, WILL GOVERNMENT OF INDIA LEGALISE IT ?

We need to understand that #BITCOIN as a currency has::

• no promise attached or no intrinsic value attached in terms of the fact that it is neither backed by any recognized currency like USD nor backed by any commodity like GOLD
• It's not centralized /controlled/governed by any responsible authority
• the transactions in it are cryptographically secured, which are not readable without the assistance of a suitable program or algorithm on a computer
• has no physical form. It’s a virtual digital currency
• if it is once transferred to any party, can’t be claimed back

In short BITCOIN is a digital cash, which can act as an efficient mean of transferring money over the internet, and has the capability to replace existing central banks, without being governed by any responsible authority.

In the context of the society, Transacting and Trading Bitcoin essentially requires the following::

1: Access to the Internet

2: Internet Literacy

3: Technical Literacy

In the context of the government, Bitcoin so far lacks the following::

4: Ability of the government to monitor any antisocial activity

5: Ability of the government to control any situation

6: Ability to tax on sale / purchase of goods via BITCOIN

India as nation is very very diverse and complex. If a Govt. legalizes something, many responsibilities are added to the Govt. within the context of the society.

In case of India, we are >60%rural and agrarian society, till date. If GoI recognizes it as a “legal tender or currency”, people of India shall definitely expect Govt. to Guarantee it or back it by some kind of collateral or at least promise its value.

In the worst case scenario, Govt. should be able to grab someone and control the situation if an anarchy or default or any mishappening occurs. None of these expectations can be met in case of Bitcoin, and that may add huge discomfort to the society.

Somehow BITCOIN makes the Government helpless, which may not be healthy for a society in the long run.

A NATION OF >1.25BILLION CAN’T BE EXPOSED BY A GOVT TO SOMETHING (AS FUNDAMENTAL AS CURRENCY), WHICH IS OUT OF ITS REALM, UNTIL AND UNLESS THE MAJORITY OF SOCIETY DEMANDS IT OR IS PREPARED TO ACCEPT IT.

 Besides, using Bitcoin requires a sound understanding of few basics, and since the technical literacy rate is low in India (assumption n personal belief), if GoI legalizes it, many Ponzi schemes shall flourish in its name, which shall be impossible for the GoI to manage, thus causing anarchy.

In short in my personal opinion:: INDIA IS NOT READY FOR IT TO BE LEGALISED.

Yeah, but for sure, any other cryptocurrency that fits within the context of the Government, Law of the land and context of the Indian society, can be easily adopted !!!!

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#bitcoin #cryptocurrency #india