If you go by PM Modi's rhetoric of using AI and Blockchain technology, we can be hopeful that all isn't lost yet. The problem is that things move at a breakneck speed in this field. The Indian ICO scene was just beginning to pick up with some serious ventures from Indians.
Just then, RBI served this body blow by choosing to be a complete ass and close gates on a technology that is being hailed as holding a lot of potential all overt the world. All they care about is the old talking points of black money and terrorist funding. I would love to see what data RBI brings to courts to show that bitcoin was indeed being used for terrorist funding etc.
Just then, RBI served this body blow by choosing to be a complete ass and close gates on a technology that is being hailed as holding a lot of potential all overt the world. All they care about is the old talking points of black money and terrorist funding. I would love to see what data RBI brings to courts to show that bitcoin was indeed being used for terrorist funding etc.
I have my doubts about whether Modi can really support a decentralized currency like Bitcoin. Think about it - India does not have capital convertibility, cash transactions are frowned upon and we even had demonetization. So it seems like the current government's views are really incompatible with Bitcoin.
In such a case, it really is hard to believe that they will be okay with the ability of people to transact using a decentralized currency. What kind of fears this would evoke in the presently under-staffed and unimaginative Ministry of Finance us also uncertain? If Venezuela goes ahead with its deal to sell oil for crypto and if it materializes, then we may have some way forward..
