While there is a hot debate going on in India on how we can officially allow a parallel economy to be set up with the use of Bitcoins as the currency and kill the sovereign status of the Indian currency, there are reports that “Coinbase”, a crypto currency exchange has just announced that it is opening a new office in India.
There is a barrage of PR articles in major media vehicles that there is a wide spread support from investors to Bitcoin investment. There is a conspiracy to slip in a “Taxability” concept to ensure that Bitcoin is not banned. Like putting a biscuit before a barking dog, RBI is given a task of introducing the Indian regulated crypto currency which is a cannibalization of the virtual currency system we already have in India.
The Bitcoin community is conspiring to ensure that after the Crypto Rupee comes into existence, it will be made convertible to Bitcoin and the black money holders will be free to keep their digital black wealth in private crypto currency and make “Havala” operations smooth. This will be a big boost to the drug trade, cyber criminal operations, terrorist funding and bribing of Government officials and also the Judges who will give a favourable judgement whenever the time comes.
Without a tacit understanding from the Finance Ministry and perhaps the confidence based on the earlier Supreme Court judgement which was a concocted misinterpretation of law, it is unlikely that Coinbase would have decided to open a new business in India. It is possible that the Telengana Government with a strong support of AMIM may provide further assurance in case the Central Government acts tough.
Naavi.org has drawn the attention of Mr Nirmala Sitharaman besides Mr Amit Shah and Mr Narendra Modi on the need to ban crypto currencies. We still believe that they are not interested in supporting Black Money in digital form nor supporting cyber criminals or terrorists or drug dealers etc. Support to crypto currencies and not banning them outright however only means support to all these nefarious activities.
Any amount of sugar coating with “Block Chain” technology being an innovation etc will be sufficient to hide the bitter poison that the Bitcoin and its family of private crypto currencies represent.
Obviously the Bitcoin lobby does not care for Mrs Nirmala Sitharaman. The bureaucracy is more in support of the lobby andl can consider reducing the interest rates on small savings but cannot recognize the damage that Cryptocurrencies can do to the economy.
If the Finance Minster has to preserve her self respect, she should therefore issue the “Banning Crypto Currency Ordinance” immediately. Mr Modi and Mr Amit Shah should also show their resolve in banning the digital black money as we the honest citizens of India have started losing faith even in their commitment to rooting out black money.
I hope BJP does not have a Bitcoin fund to support its political activities and request Mr Nadda, the President of BJP to clarify. I also request the RSS to clarify its stand in the matter of banning Bitcoins and informed ideologues like Mr Gurumurthy should respond with their views.
Coinbase should however be appreciated for their courage in taking on the Narendra Modi Government and compromising one of the major the principles with which Mr Modi came to power.
If Mr Modi and Nirmala Sitharaman do not wake up from their slumber, it would only mean that “Even BJP is in support of Black Money”. No other explanation justifies the stand of postponing the ban legislation.