Dear Mr Arun Jaitely, Has Finance Ministry been compromised?… on Bitcoin issue?

It is time to directly call the attention of our honourable Finance Minister Mr Arun Jaitely on what his department is upto as regards the Bitcoin issue…. Hence this open letter…

Dear Honourable Finance Minister Mr Arun Jaitely,

I have time and again brought to the attention of the Government through this website that legitimizing Bitcoin is a harakiri as far as our financial system is concerned.

Bitcoin is a currency of the criminals and currency of terrorists. It is completely anonymous and a haven for black money parking. Bitcoin is linked to many other similar crypto coins and funds in these cryptocoins is easily fungible. China is one of the biggest holders of Bitcoins.  

If Bitcoin is legitimized all Black money will be converted into Bitcoins, your Banking system will see an evaporation of the deposit base and the stone pelters of Kashmir and Naxalites will be able to use it for distribution of money within the country without your PAN Linked Aadhaar system breathing down their neck. China will be able to destabilize India by playing with the Bitcoin supply into India.

I donot think you require anything more to appreciate that Bitcoin is a poison which should be kept away from India.

The Finance Ministry’s committee which has collected public opinion on this matter is yet to publish its findings.

At this time, I am alarmed to observe the following two advertisements/news report reported from  Economic Times.

Dear Sir, these press note/advertisements indicate that some body in your department has already given a green signal to some US based firm and also a Bangalore based Bitcoin player that the Government will shortly announce legitimization of Bitcoins in India.

I have already pointed out that every member of the Ministry’s task force should have given a declaration before they sat in the committee that they did not have any holding of Bitcoins since I suspected that the Bitcoin vested interests would try to corrupt the members.

Unfortunately the Government did not listen to this advise and now if a decision in favour of Bitcoin is announced by the Committee, the fact that these advertisements indicate a selective leaking of the information to some business interests would be sufficient prima facie evidence to indicate that there must have been a compromise in your department.

Being the top member of the Modi Government and a prominent member of the demonetization drive, it will be ironic if under your leadership Bitcoin is regularized in India. This will completely annul the efforts of Mr Modi to remove black money in India and Mr Amit Shah will not be able to face the electorate with an honest face.

Even Mr Mohan Bhagavat of RSS would have to admit that India is surrendering to corrupt forces in the form of Bitcoins and soon other things such as Drug Trade, Arms Trade etc would also be leigitimized.

I would also be surprised if Supreme Court does not come down heavily on your Government much to the delight of your friends Mr Rahul Gandhi and Sitaram Yechury.

Do you want to allow this surrender to the opposition and abdication of your responsibilities as Finance Minister?

Most of the people around you are trying to fool you with an argument that “If Bitcoin Exchanges follow a KYC process and perhaps link Bitcoin trading to Aadhaar”, every thing will be fine. Some of the Bankers have also perhaps spoken to you and impressed upon you that “Block Chain Technology” is great and must be encouraged in the Banking system. Some would have even told you to impose a “GST at 28%” on Bitcoin trade so that Government would get more revenue and you can spend it on increasing the salaries and perks of all the MPs and splurge.

I consider you to be an intelligent person and hope you would not fall for such false propaganda. Nor do I consider you to be influenced by the vested interests in any other manner.

But at this point of time, I am not convinced that you are appreciating the enormity of the mistake you are committing which will eventually cost BJP your 2019 elections.

If by any chance you want to make use of this Block Chain technology and Crypto Currency, I have other ideas which you can explore namely,

a) RBI to introduce a Crypto Rupee using the same technology but having 100% identification of the Bitcoin holder from mining to its transactions including splitting.

b) BJP may introduce a “Party Crypto Currency” to fund its election expenses which is not convertible to any legacy currency but can be used in exchange of services only by BJP party members. ( More about this can be discussed outside the blog since Congress and Mamata Bannerjee may be eager to try out this suggestion if they spot the potential).

Any further delay in not announcing an immediate ban on Bitcoins and all other Crypto Coins would be deemed as a tacit support to the Bitcoin lobby and a perception that BJP has been corrupted with Bitcoins.

I look forward to your immediate action to prove that BJP has not given up its fight on Black Money and that your department has not been bought out by the Bitcoin lobby.

I am sure that some body will soon file a PIL in Supreme Court if the Government continues to “Remain in Observation Mode” as to what to do with Bitcoins and BJP will be losing face.

I am aware that you may not like what has been written here. But the objective is to make you realize what a monumental blunder you are likely to make and I as an ardent supporter of your party and Mr Modi would consider it a tragedy if you donot come down heavily on Bitcoin without further delay.



P.S: I appeal to the Readers to send a copy of this letter to their known contacts in the Government so that it reaches the ears of people like Mr Jaitely, Mr Modi, Mr Amit Shah and Mr Mohan Bhagavat and others.

If it is also distributed to the media, we will know how honest are the Republic and Times Now when it comes to fighting commercial interests of Bitcoin players.

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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