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?
I think this completely destroys the idea of financial freedom- in why why BTC was created in the first place. The idea of having a "state-issued cryptocurrency" but banning any other cryptocurrency equates to the idea of forcing someone to use a specific cryptocurrency in a country. Bitcoin was created in order to avoid any third-party consensus in handling our transactions- so again, this completely shatters the dream of Satoshi of having to attain financial freedom.
I doubt that this is a good decision of the government given that it equates to no other than having to use fiat in my opinion.