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Cmon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?
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Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.
Anyway, I think Indian government gone too far.
The proposal is quite harsh as it puts owning cryptocurrency to the level of an illegal drug dealer which can be unfortunate to say the least. On the other hand, it is just a pipe dream to say that one day banks will be gone or that the control of the country's financial system can be taken from the government IF bitcoin or cryptocurrency is allowed. What is happening in Japan right now is a testament that this is not the case...not unless you can program all people like robot to act and think unitedly which is impossible in today's world where people are always looking for options. Cryptocurrency however will continue to work side by side with that of the traditional financial system.