The Supreme Court of India is now debating on the “Legality” of the “Powers of the RBI to bar the Banks from dealing with Bitcoins and other Crypto Currencies” vis a vis the freedom of Crypto Currency exchanges and miners to mine, trade in and exchange legacy currency of INR into the anonymous currency which is Bitcoin and nearly 2000 other crypto currencies with which it is fungible.
If we go by what Bitcoin supporters are saying, the Judges during the hearing have already decided to rule the case against RBI.
In one of the publications, it is highlighted that the Judge asked RBI, “How are you concerned with Consumer Protection? It is the concern of the Government not yours”.
I am not sure if this is a correct representation of what the Judge said or intended to say. “Consumer Protection” is a matter of public interest. It is not only the Government which should be concerned, but I, you, the Supreme Court judge and all.
Can the Supreme Court say that “Fundamental rights” or “Cyber Crimes” is the concern of the Government and not that of a responsible regulator who is supposed to regulate the finances of the country?
I therefore consider that the publication has either mis-quoted the judge or misrepresented what the Judge wanted to know.
This criminal way of thinking comes naturally to the Bitcoin eco system because the Bitcoin system itself is a system by criminals, for criminals and of criminals. It is born for the purpose of tax avoidance.
Tax avoidance is cheating the honest citizens who pay tax because we all live in a society governed by some accepted principles of Governance.
The dangers that the addiction to Bitcoin can bring to the world recently surfaced in a more dangerous form in Ukraine where there was a radiation leak from a nuclear reactor. It is now revealed in an investigation that the radiation leak was caused by “Crypto Miners” in the nuclear plant who tried to use the computing facilities in the plant to mine crypto currencies. Several employees have been arrested in this connection. Crypto mining equipments have been seized
The incident also indicates a massive Information Security failure as computers not required for the plant entered the system and were connected to the network. Basically it is the failure of the “Human Element of Information Security” caused by the fundamental attitude of Bitcoin miners who are “Anti-Establishment” in their basic attitude.
I wish the Supreme Court examines this angle of what is the psychological profile of a Crypto supporter ( in the current context where the debate is whether a private Crypto currency is a currency of criminals and has to be banned or not) and whether he is more friendly with anti national forces or is loyal to the country.
We the people of India will keep watching even the Supreme Court and how loyal is our judiciary to the principles of natural justice to the country. There should be no attempt to hide behind some technicalities and give an ambiguous ruling to oblige the petitioners of this case which we know has the ability to shower their appreciation on the Judges in many forms if they are made happy.
I also hope the media does not twist the statements of Judges during the trial and spread speculative views to mislead the public.