Quote from: bryant.coleman on February 12, 2021, 07:57:36 AM

Quote from: milesfull on February 12, 2021, 07:37:17 AM

Soon other countries will do the same. We should be ready for it

I have already explained about it here: https://bitcointalk.org/index.php?topic=5316416.msg56327803#msg56327803

What the Indian government is proposing is not just the prohibition of cryptocurrency, but also confiscation of wealth from the existing cryptocurrency users. As such, it is against the constitution. I hope the supreme court of India will nullify this measure, if it gets passed in the parliament.

And I don't think that other countries will follow such measure, because wealth confiscation is against democratic ideals. Forget democracies, even dictatorships such as those in Cuba and North Korea would think twice before ordering wealth confiscation.

The scenario in India is different, because there is a large group of largely illiterate and brainwashed followers of the ruling party who will stand by whatever policies they make. Most of these people live in slums and have a deep hatred towards successful people who have access to good quality living. Obviously they will support measures such as wealth confiscation. But I don't think that such measures can be introduced in any of the developed nations.

I am sad to see this thing happening in India, a country I considered to be ahead a lot of miles in adopting modern technologies and adhering to democratic ideas enjoyed by many in other countries. India has the potential to be a big leader in the world of blockchain and technology yet they got some leaders who are afraid of the future of money and so they assumed that allowing legit cryptocurrencies to flourish can mean that the government is going to be left out. Banning is not the best solution and millions of Indian people can suffer due to this policy. Seems to me that those in the government are not that open-minded and they are not willing to have an honest dialogue with the emerging cryptocurrency industry in India. A sad development.