It's the extension of my first post https://steemit.com/mgsc/@rishhk/bitcoin-in-india
As expected, Indian court and RBI chose to remain downtrodden and still 'underdeveloped' or 'developing' rather than simply accept the bitcoin revolution.
If you contact some govt official or politician, he will tell you plenty of reasons why the govt is discouraging cryptocurrency investment, like, illegal usage (drugs etc), black money involved, money laundering, etc etc..
If you simply ask him, if govt/RBI stops the bank transfer, can you guarantee that the bitcoin usage will stop? He cannot answer with surity. There will be then more black money involved as people will start dealing in cash.
Why the govt isn't banning the alcohol, tobacco and cigarettes? Any valid answer by the govt??
The simple answer: It generates revenue for the govt as plenty of people use these daily. It's absolutely of no use, spending plenty on 'no tobacco' ads, as only a few will actually understand. When you know that tobacco is harmful, you are still not banning it, as you know it generates you plenty of revenue. Similarly, dear govt/RBI, if you simply legalize/regulate bitcoin and collect taxes over its use, you may have a revenue larger than you may get on tobacco. Also, the users of cryptocurrency will be in profit, new jobs will be created, poverty will be reduced, India will become one of technology sound countries, and those entrepreneurs, who are leaving India coz of quaint Indian policies, will not leave.
Give your suggestions on what we can do to create awareness among the govt officials, and spread the word so much that it may reach them, so we can use bitcoins in any way we like, as in other countries.
Love, xoxo
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