What you think about this?
Javier, I think that the global backlash would be huge and eventually turn out to be a disadvantage to India. As far as the US goes, I wonder that Powell and Yellen are rather peeved that bitcoin and other digital currencies are doing well and not in their control. Again, to ban bitcoin would be an embarrassment.
I think they say what they do about cryptocurrencies to detour citizens that are less motivated but are thinking about making the plunge.
I agree Lorraine, It is embarrassing its gone on this long, and the only thing they can think of is taxes. It just goes to show their ignorance of what possibilities a blockchain can do.
Funny, you bring up the subject of ignorance. Governments and governance often lack understanding of newer models of business and lack imagination of “how can we do things better for improved results?” India is such a large country with an immense population, much of which is rural. Blockchain could solve so many issues and put citizen equality to a higher level in terms of education and resources. This is true for all countries and could make our global world a better and friendlier world.
I have read (and not too much), but here and there, that India is having border problems, skirmishes. Imagine that? The fears of citizens keeping wealth in safekeeping, or sending money and assets outside of the country may be a motivation for keeping the fiat at home. When in fact, the opposite could be the reality. Cryptocurrencies and transactions could make citizens, businesses and countries wealthier. What do you think?
Lol, Whats new in the world of politics?, this what I think. There seems to be a global animosity towards the US and its Fiat system of economical governance. Some of our closest Allies are turning towards the eastern block point of view, because of their future insight and ability to modernize. Soon English will be Latin and the dollar will be Digital. And the only ones that will suffer the consequence of it will be We the People. Central banks are now making their move towards digital currencies , as are other countries. The problem with that is, they are turning a DEFI technology into a CEFI technology. Its a shame that we waited so long to really educate ourselves about Blockchain just like we did with Fiat money. Now hedge fund companies are turning an eye towards blockchain, and the people once again will lack the true understanding of money.
As for India, I believe them to be the little brother trying to impress his Big brother for approval. Im sure you have an understanding now about the possibilities of blockchain, but thats because you and I are paying for this knowledge. The reality is that this knowledge should be taught in public schools, and not expensive Universities. The US is barely getting a taste of NFTs through SNL, but its possibilities will be kept in the dark by Corporates Fat Cats, just like the hedge fund. Since I posted that article, the senate has pass the Recognition Bill of blockchains SF541, lol in secret. Once again going for our wallets instead toward our progress. I really hope the future for US is eventually like the Jetsons, and not what 2021 is now.
I enjoy your thoughts. I have yet to find the Recognition Bill of Blockchain SF541. (In secret? Really)? Gotta read this. Being decentralized and immutable, I find it hard to believe that a country can stop a citizen from buying and participating in this financial space, specially if taxes are paid. I still doubt that a country would ban the market altogether. The industry and market offers too much to the world economy to not be part of it. Now, discourage people from getting into cryptocurrency? Human nature. There is a centuries past saying that used to be hollered at harvest time, “Bad Harvest!” (to keep interest away from the great harvest). Lol!
Its funny really, all it proves is their misconception of what a blockchain is exactly. They can implement whatever the choose for the moment , but between you and me those will be some expensive lawsuits against the government. Lol even the IRS is on its way towards being litigated.
Javier, Thank you for the link. Great read! So much to read and so little time. I did sign up with cointelegraph.com news. Wow. Litigation on the horizon? Good to know and will be watching for this sort of news. Thanks again!