In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
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The Indian Express If the fraud had happened with bitcoin payment, even that 32 crore would have lost. This money had been recovered because it was all done by the centralised banking channel and I hope the remaining amount will also be recovered slowly. In bitcoin, the entire 100 crores would have been lost because of the privacy feature of cryptocurrencies along with the power of bitcoin mixers. The recovery happened in fiat because of the KYC policy of the banks, at least some people were arrested.
In India, every new technology is seen as a threat, instead of seeing it as an opportunity. That's what is happening with bitcoin as well and the entire group of uneducated ministers are pulling up their socks to ban it through a law!