Why India Banning Crypto is Good for Everyone

Earlier when media houses like EconomicTimes and BloombergQuint broke this news about the preparation of a draft bill titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019, everyone was suspecting the veracity of their claims or mis-interpretation of the bill or a bias due to selective / partial information available; as only a few snippets of the parts of some Sections were made available.

But today, when Mr. Varun a.k.a. Blockchain Lawyer made the copy of complete draft available to everyone here, everyone was shocked after going through its entire content.

Although some tried to deny it as another FUD due to non-disclosure of the source of this text or without the presence of any official seal; there is a high probability of this being the exact draft prepared by the Garg Committee.

This proposed bill talks about a blanket ban on investing, sale-purchase or trading, storing (holding), raising funds from public (ICO/STO/IEO etc.), promoting or in short, everything related to cryptocurrencies.

Positive Takeaways from this Draft Bill

After the panic reactions from Indian crypto community, Varun talked about some positive takeaways from this Draft Bill in one of his videos here:

Last week, we also saw USA proposing Keep Big Tech Out of Finance Draft Bill. Cryptocurrencies are also banned to some extent in almost all of India's immediate neighbours like China, Pakistan, Bangladesh and Nepal. So it's apparent that almost every government is afraid of losing their sovereignty and control on money with the introduction of cryptocurrencies.

But somewhere, I feel a blanket ban on cryptocurrencies will lead us to invent better and safer ways to nurture and promote this technology which remains out of purview of any regulation or ban. It may encourage all centralized cryptocurrency projects to decentralize them as much as possible. Anonymous and private coins will become more valuable. And governments banning cryptos will play an important role in all these!

The original idea of the existence of cryptocurrencies will only be fulfilled if common-man gets the true ownership of her own money and money is ultimately freed from the clutches of Governments and capitalists. The power of money should rest in the hands of who actually owns it.

Regulating cryptocurrencies may dilute the true nature of cryptocurrencies. So better ban it and alienate it from all fiat currencies. Let cryptocurrencies derive and reflect their own intrinsic value without any relation to any fiat currency. Only then we shall see the true power of crypto! Until cryptos are valued relative to fiat, we are still dependent on centralized fiat and governance to a large extent.

Who's banning whom!

I do feel that banning cryptocurrencies will actually ban fiat from the cryptosphere. Crypto won't and can't be banned. Let it be free ...free from the clutches of fiat too!

Note

These are my personal thoughts. More importantly, you should take note of that the proposed document is only a draft bill and isn't guaranteed to take the form of an Act anytime soon or in the current form. It may never become a law if it gets rejected in the Parliament when put up. Nothing in the alleged draft bill can be taken very seriously at this stage. We don't even know whether the source of the copy is legit or authentic. So nothing much to panic about.

Just chill and Steem on!

Enjoy the !drama everywhere!