A new line of argument is surfacing in India in support of the Currency of the Criminals and Terrorists namely the “Bitcoins” and Crypto currencies”. …that “The space has become too large to ignore”
Well, whether it is the Taliban in Afghanistan or Crypto currency in India, if we follow “Procrastination” as a policy of Governance, the menace will only become larger and the monster will become stronger.
Had US and India collaborated and ensured that the Afghanistan is not left in the lurch, we would not have seen Talibanis sitting in Kabul today and taking over the arms and other assets of the Afghan army. With this tackling Talibanis is only becoming more difficult than otherwise. While USA is not directly affected by this development, India is going to face an adverse impact of the raise of Taliban in Afghanistan.
Similarly the Government is unable to take a decision for passing the “Banning of Crypto Currencies bill” because the Finance Ministry is either confused or is under the influence of the Crypto Mafia.
Today any action in Afghanistan has to be tempered because we may have our people stuck in there and cannot be endangered. Similarly, the more time we take for banning the private Crypto Currencies in India, greater will be the problem later since many innocent investors would get stuck with the holdings.
Just as USA believed that Taliban has changed (though many believe that USA was only pretending to believe), Indian Government seems to believe that Bitcoins are technology innovations to be supported and are harmless. What if it is digital black money? What if it is used for terror funding?, What if it is used for extracting ransom?, it is still dear to our politicians because they can take bribes in Bitcoins and stash it away in foreign countries by a click of a button.
It is a shame that US plunged Afghanistan into this turmoil and it will be an equal shame for the Modi Government to plunge the Indian Economy into a turmoil by letting Crypto Currencies become a replacement currency for Indian rupees.
Some of the experts are creating confusion in the minds of the Finance Ministry that we need to have a Crypto Rupee before banning Bitcoins. This is only a tactic for delaying the decision since a Government Controlled Crypto Currency will not command the premium that Bitcoin commands since Crypto Rupee would be accountable for tax purposes. Hence any intelligent Crypto currency owner will not convert his current crypto stocks to Crypto rupee and would rather convert it through the virtual havala route into a foreign currency. None of the black wealth currently in the form of Bitcoins etc will therefore come to the open because Indian Government comes up with its own Crypto Rupee.
Sooner the Government realizes the dangers of delaying action against the Crypto Currencies, it is better for the country.
Dear Mr Modi and Mrs Nirmala Sitharaman, Procrastination in handling the Crypto Currency bill will not pay and you will come to regret your decision to delay. I will be there to point it out again and again until you wake up from your slumber.