Dogecoin Co-Founder says Cryptos are a Scam… Will the Indian Government still support Cryptos?

Naavi.org ahs been running a sustained campaign advocating a ban on Crypto Currencies (Privately created and managed, like Bitcoin) in India. Time and again it has been pointed out that

1.Cryto currencies are the currencies of the criminals and cyber crimes can be brought down if Crypto currencies are banned

2.Crypto currencies represent “Digital Black Money” and Modi’s Demonetization and elimination of Black money will be meaningless without banning of Crypto currencies

3.India can take a global leadership stance by banning Crypto currencies and campaigning for other countries to do the same.

4. Mining of Cryptos is a huge burden on the electrical consumption in the country and is unproductive

5. Release of Cryptos into the legit monetary system will create a tsunami in inflation

6.Legitimization of Cryptos will help China and Pakistan to meddle with Indian economy and money supply.

7.Legitimization of Cryptos will assist funding of terrorists and Naxalites in India

So far there is no support from a large section of bureaucrats on the proposal. Despite RBI trying to place a ban, the Finance Ministry is stalling the idea. The Supreme Court gave a strange decision based on technicalities that was meant to support delay in the banning of cryptos.

Now I bring to the attention of the Supreme Court as well as the Ministry of Finance and Ministry of Electronics and IT that the co-founder of Dogecoin with a market capitalization of over $24 billion has released a series of tweets reproduced below which needs to be taken note of by Mr Rajiv Chandrashekar and Mr  Ashwini Vaishnav who have assumed charge as ministers in the Meity.

Refer article here

Do we need a better endorsement for banning of Crypto currencies in India?

Naavi

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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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