Is there a strategy behind the silence for Mr Modi and Shah not banning Bitcoins…yet?

Naavi has been singlehandedly fighting against legalization of Bitcoins in India. Bitcoin is a poison that can corrupt any body. Those who already have a stake in Bitcoins will always fight for legalization of the Crypto currency system. Some of them are tech experts and even industry giants. But that does not mean that their views are good for the country.

Rihanna may be a celebrity singer. But her views on farm laws donot deserve to be heard.

Similarly the views of industry giants which the PR machinery of Bitcoin industry are promoting need to be dumped with contempt it deserves.

In the midst of planted articles in the media including Economic Times and Business standard, it was refreshing to see an article today in Financial express titled “Is it smart to invest in Cryptocurrency right now?”  by Mr Varun Malhotra, Director & Founder of Financial Services (EIFS).

Before Mr Nandan Nilakeni joined the bandwagon of Bitcoin supporters, Elon Musk of Telsa was a vocal supporter. It is now reported that Mr Elon Musk invested $1.5 billion in Bitcoin recently and therefore there is no surprise that he supports Bitcoin.

On the otherhand, Mr Warren Buffet has taken a stand “Cryptocurrencies basically have no value and they don’t produce anything…In terms of value: zero. I don’t have any cryptocurrency and I never will,”

It does not take rocket science to understand why Cryptos are being encouraged by people who want to hold digital black wealth. Bureaucrats, Politicians and even Judges in India or elsewhere may still favour Bitcoins but we know why they may have a soft corner for the Crypto currency. It is the greatest technology tool for Cyber Criminals and anti social elements including drug peddlers, illegal weapon dealers, cyber terrorists etc.

But why is it that the Indian Government is still hesitant to ban Crypto currencies? Why is that the Cabinet of Mr Narendra Modi has not passed the Bill? is an enigma.

Has it got anything to do with elections in West Bengal? or Kerala? Are Modi and Shah not courageous enough to take on the digital black wealth holders before the elections?…is a question we should pose to the BJP as well as the RSS.

I have sent many requests even to RSS and its known ideologues regarding the Bitcoin ban and even they seem to keep tight lipped.

Corruption has a wide footprint. We never know how powerful it can be. Let us see if there is a strategy behind this silence.


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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