Naavi has written scores of articles on why Bitcoin should be banned in India and there is no need to repeat the same here once again. Visitors may check the search result on this web page .
However it is necessary to express that all the good advises, pleadings and even abuses have not moved the Central Government into taking any action to ban Bitcoins and Crypto Currencies which is long overdue.
If this Karnataka Bitcoin scam can open the eyes of Mr Modi, it is a blessing in disguise that the scam has come to light.
(See this earlier article: Modi is yet to open his third eye on Bitcoin, the new alternative to Black Money.. Will he wake up in 2018?
Karnataka Bitcoin scam is an interesting development. Naavi has been crying from rooftops for the last 8years that Bitcoin is a currency of criminals, Bitcoin is a threat to the economic system, Bitcoin is an environmental hazard, Bitcoin is used for havala, terror financing and Bitcoin along with all private crypto currencies need to be banned.
See some of these articles:
Unfortunately, all these and many more articles written here has fallen on deaf ears. All these articles have been forwarded directly to the concerned ministers and organizations and there is no reason to believe that Mr Modi, Amit Shah, Piyush Goyal, Nirmala Sitharaman and many others were not aware of what was being written. All of them were aware and yet did not think of banning Crypto currencies.
The reasons behind the hesitancy of the Central Government as well as the reluctance of the Supreme Court to get the Crypto currencies banned is beyond our comprehension.
The real scam is therefore not in Karnataka but elsewhere on why Bitcoin is still alive in India.
The Karnataka Scam is based on the claims made by one accused person. The claims are unsubstantiated and impossible to prove. There is no complaint from victims and it could only be an attempt by the accused to gain notoriety in the dark web. The Police are made to run after an investigation which is based only on such wild claims and has no possibility of ending up with any conviction.
The result of inaction by the Central Government is now the embarrassment that the Karnataka Government is facing.
The accused will reel out names of influential persons because that is his best way of defending himself and converting the controversy into a political battle. Nothing can be proved or disproved and it will be the word of the accused vs any body else. It is an absolute waste of time to discuss the scam
However the solution for BJP to preserve it’s reputation to some extent is to immediately ban Crypto Currency even before the Parliamentary session and salvage a little respect in the eyes of honest citizens to believe that the Government is still interested in fighting corruption. It will be a master stroke that can defuse the controversy and make it vanish.
If the Government continues to hesitate, the opposition will definitely use the opportunity to block the Parliamentary session on this pretext.
Will the Central Government wake up at least now?