Re: India makes ownership of Bitcoin criminal offense - How to respond?
This is really bad, like what the heck is wrong with these governments people? So, they want to follow the same steps like China did, ban cryptocurrency and then introduce their own dumb digital currency which I know for sure is going to fall, because I have already seen a few countries that tried to do this and it never worked out for them, because nobody was ready to make use of a government issued digital currency, like who will even do that?
For a long time now they have been talking about banning cryptocurrency in India and at a time I thought it was over, and now they started it again
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For a long time now they have been talking about banning cryptocurrency in India and at a time I thought it was over, and now they started it again
.A small correction. The bill that the Indian government proposing is much worse. Chinese government never made the ownership of cryptocurrency a criminal offense. They just prohibited trade between fiat currency and cryptocurrency. But the Indian government wants to jail anyone who owns cryptocurrency. Even the Chinese bill was of no use and it didn't resulted in a decrease in cryptocurrency users in that country.
The Chinese government eventually came up with their digital Yuan and it had some success in being used for international trade. But from what we have seen, the digital Yuan has mostly replaced fiat payments and it didn't had a large impact on the cryptocurrency trade.