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