Re: Financial Intelligence Unit of India wants to block URL of Binance and 8 others
Interesting news. It is good that India has created a lot of decentralized alternatives through Polygon, so they aren't completely excluded, though I do wonder if any of these are main onramps for anyone in the country or if local exchanges still serve as the main onramp.
Local exchanges were preferred, but after 30% tax, and 1% TDS was implemented, people started to prefer overseas exchanges like Binance and rest as mentioned in op.
This makes a lot more sense, thank you for sharing the insight. Bookmarked this for a merit when I have some sMerits to give
The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market
Exactly !
Problem within India is majority of those so called Law Makers aks Politicians are illiterate and they dont even understand technologies properly. Any Indian earning whether from Physical Business or Electronic business will spend money in India only. That will help to boost business of others too.
I don't think that this is the case. I think that is is more in relation to what libert19 said, that the population that is using the blockchain are choosing international exchanges to avoid the costs that come with local exchanges.
I personally think that governments and lawmakers around the world have come a long way in undersanding the blockchain - yes, there is a long way to go, but I know that they are now wise enough to at least create laws and regulations around what is in their best interests...which might not be good for the people overall, but what laws and regulations are? It's always going to be in the favor of the government...but at least guidelines are becoming clearer.