This great reset is giving me hard times to keep up with its snowball effect and the size of the snowball down the hill. Just read a few minutes ago on Coindesk that The Indian government has proposed a plan to “ban all private cryptocurrencies" and introduce a central bank digital currency (CBDC). They're kidding right?
I hope not, because the Indian people is somehow close to my heart and it would be a pity for crypto enthusiasts to no longer have access to cryptocurrencies such as Bitcoin, Ethereum or Monero. They'll probably have access to XRP though, and that's another story, but you can't call that really a crypto.
"The legislative proposal, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, suggests a blanket ban on all ‘private cryptocurrency,' which likely means coins such as Bitcoin and Ethereum. At the same time, the bill, filed yesterday, proposes the introduction of its own central bank digital currency (CBDC), joining a growing list of countries exploring CBDCs."
source
That certainly makes sense, right. Why give your people the opportunity of better personal finance, technological growth and freedom when you can stuff up their throats your bullshit CBDC that will further enslave almost anyone in the country and gain more control over your people. Well done Indian leaders... all you need right now is some riots over there and a bunch of crypto punks throwing your future CBDC up your ass.
It's not yet clear what exceptions to the bill will the Indians have access to, as it seems that the bill is not all about doom and gloom though, but nothing's clear yet. What if the exception would be their own CBDC? What should the average Indian do with that digital rupee? Well he might use it for purchases and trades all over the country so we can track his ass further more, the government would say.
This is not India's first attempt in trying to ban cryptocurrencies in the country and attempting to prohibit its citizens from a better personal wealth, financial freedom and access to a revolutionary technology.
"India previously considered a crypto ban a few years ago. In April 2018, the Reserve Bank of India barred banks from dealing with crypto companies. But that ban did not last long, India’s Supreme Court overturned that decision in March 2020."
source
At this point, my reaction and probably the one of many crypto enthusiasts in the country would be: is India plain stupid, bluffing or just not giving a damn about its inhabitants well being?
If one government would decide to ban for its people the access to such a piece of revolutionary technology, financial opportunity, considering we're in a bull market, and personal development that this ecosystem has to offer, it's either bluffing, being completely stupid, scared of loosing control over people's finances and definitely working against its citizens and not for them.
The bill shall be debated by April 8, 2021, but it's probably stressing Indians already. At the other side of the spectrum we have "Visa, the payments company working with wallets and exchanges to enable crypto purchases, and could eventually use digital currencies over blockchain in the same way it processes traditional money". Small steps towards mass adoption for crypto are being taken and the ones having the nose for profitable moves are to be already spotted.
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”
Visa CEO Al Kelly source
Kelly, I love you. You just gave me one more reason to stick with Visa and stack such types of debit cards to spend around the internet money. My plan of living off of crypto and finally ditch banks and their control over my personal finances might start getting shape in 2021. I am days away from receiving my Binance crypto Visa card and I'm excited to read about even more alternatives.
That's the harmonious way in which cryptos should be adopted world wide in my opinion. Why doesn't India work for that and give the people's access to the future? Because their leaders don't want the people to be free, wealthy and happy, and many other governments are falling into the same pattern. My heart is with the Indian people right now and hope this shitty bill the Central bank plans on being passed by the government to be overturned.
Thanks for attention,
Adrian
Initially Posted Using LeoFinance Beta