RE: HOW IS IT WITH THE CURRENT CRYPTO BAN IN INDIA?
Greetings @ crypto.piotr, although I am not an inhabitant of India or Sri Lanka, I dare to express my opinion in a more globalized context.
I understand that not only in the countries mentioned above but worldwide, especially in countries with few democratic, authoritarian regimes or whose economy is in the hands of few people, cryptocurrencies will always represent a threat, the reason: decentralization.
Most fiat currencies are issued, regulated, and controlled by the central banks of each country, which in turn usually establish "pacts" with the main commercial banks (universal banks) in which both the government and the bankers can make operations that benefit both.
Although money was invented as a tool to facilitate merchant exchanges between individuals and to have a store of value (functions that many cryptocurrencies currently fulfill), the monetary policy uses it precisely to regulate how internal markets develop, always in the benefit of government plans and often undermining the interests of individuals.
Do you think it is a coincidence that it is precisely in a country like China where the use of cryptocurrencies has found the greatest amount of rejection and prohibitions? Not to mention those who, to be "more open", have accepted its use but have bills to strictly regulate them through the application of abusive taxes.
I believe that many governments know that the blockchain offers many and varied development opportunities in different areas: database management, information security, logistics operations, etc. But their decentralization represents a serious threat to them.
Greetings to all
Wow @karupanocitizen
what an amazing comment. You're not from India so I was quite surprised to see your feedback :)
(comment upvoted already)
Good question. Why China?
Cheers, Piotr