Bitcoin is a decentralized digital currency, which can be transferred to anyone, anywhere in the world via internet without any mediation any from central authorities like bank or government.
Bitcoin is not controlled by any Government or Institution in the world. Hence no one cant stop from trading (Buying / Selling) Bitcoins.
Let us assume that bitcoin faces ban in INDIA , then these are the things that will happen:
People will start doing Hawala via Bitcoin
An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
Government will not be able to track Bitcoin transactions, they will lose on taxes
Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
India will lose to a global phenomenon
Whats your views about it?