Friday, January 28

Use of cryptocurrencies in India could become unbailable crime

India, the world’s second most populous country, is looking at ways to ban cryptocurrencies like Bitcoin to protect its future CBDC — Central Bank Digital Currency — but the problem is that they may be going too far.

As informed by Reuters, the bill’s summary points out that the country wants to ban all activities related to cryptocurrencies and whoever breaks the law could be arrested, without the right to bail.

However, the Central Bank of India (RBI) will use blockchain technology, however private, to issue its currency. Basically taking advantage of part of the creation of Satoshi Nakamoto, the payment system, and throwing in jail whoever uses the other part of it, the coin.

Iron hand

India’s proposed law on the ban on cryptocurrencies shows that the Indian government is desperate to try to save its state currency which will soon have a digital version through a CBDC.

If passed, this law will impact the lives of more than 1 billion people. Added to China, the most populous country in the world that has also banned cryptocurrencies, this means that around 30% of the world’s population will be living in a currency dictatorship.

“General prohibition on all activities of any individual to mine, generate, maintain, sell (or) trade [moedas digitais como] means of exchange, store of value and a unit of account”

The above quote was provided by Reuters who had access to a summary of this proposed law. And it gets worse, after all, the government will be able to carry out warrantless arrests, as well as make this crime unbailable.

Although citizens of all countries are already obliged to accept a national currency for the sale of goods and services, India seems to have gone beyond common sense in proposing this law that violates the individual’s right to choose.

CBDC India

By banning cryptocurrencies and introducing its own CBDC, the Digital Rupiah, the government will soon have full control over the financial life of every Indian citizen, not only being able to freeze balances but also creating systems like credit scoring.

Thus, what we can expect for the future, not just from India, is total government surveillance, increasingly intrusive and unnecessary, where governments will continue with their monetary monopolies and devalue their currencies.

For those who do not wish to live in this probable world not so far away, it is necessary to fight for the right to use Bitcoin, an apolitical currency, with controlled issuance, without borders and censorship.