Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.
I think its a good decision by government.. What you guys think about it?
At the end of the day they can do whatever they want, however even if they decide to ban cryptocurrencies that does not meant that people are going to obey them, look at what happens with drugs, it is a huge market for something that damages you both physically and psychologically, bitcoin on the other hand brings benefits to the people holding it for the long term, which means that it is going to be even more difficult for governments to ban it, especially if the economy does not recover significantly during the next years.
Expect for government on having this kind of acts whether its anticipated or not but for sure they dont really like on something decentralized which they would instead create their own and called it state issued cryptocurrency which its actually not a crypto at all.So this is just simply an e-fiat on just in different name which it is nothing different so dont expect for some big changes or benefit out aside on functions
just like on what fiat did.