Sad news for Indian friends who make cryptocurrencies sources of their income. Theres a lot of Indian individuals that are in crypto. I wonder what would be the purpose of their would be Crypto Rupee if they will not eliminate paper Rupee totally. The government must want to clean the country of any other cryptocurrency to circulate before they launch their own.
India is not a very rich country, and a large portion of the population lead a hand-to-mouth existence. For millions of such people, cryptocurrencies are the source of passive income or additional income. You may not believe this, but an amount as small as $30 per month can make a lot of difference to many Indians. It is sad that the government is taking away this opportunity from such people.
I guess they are trying to protect their economy, which is why they banned Bitcoin thinking it could do damage to their finances, but I know that with time, they will get better understanding, and see the benefit of cryptocurrency to their economy and to their citizens too especially in terms of job creation.
Obviously the uncontrolled explosion of population have been the no.1 curse of India. And the worst part is that it is the illiterate slum dwellers who seems to be producing children, as the educated people are having maximum one or two kids each. The current government policies encourage child production among the uneducated by offering them everything for free, at the same time discouraging the same among the educated by imposing various direct and indirect taxes which takes away a major part of their earning.
