ONCE GIVEN PERMISSION TRADING BITCOIN VIA GOVT APPROVED EX CHANGER, GOVT CAN'T ROLLBACK

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WE , AS INDIAN CITIZEN AND TAX PAYERS ARE SURPRISED TO SEE A SUDDEN NOTIFICATION FROM RBI ABOUT BANNING OF BITCOIN AND RESTRICTING INDIAN BANKS TO BUY AND SELL BITCOIN OR ANY CRYPTO CURRENCY THROUGH GOVT AUTHORIZED BITCOIN EX-CHANGERS.

IN ONE HAND GOVT HAS COLLECTED HUGE AMOUNT ( IN SEVERAL CRORES OR RUPEES ) FROM TRADERS AND NOW SUDDENLY BANNING THEM TO OPERATE VIA BANKS.

WHAT IS THE FATE OF INVESTORS NOW? THERE ARE MANY SMALL INVESTOR WHO HAVE INVESTED 5 K / 10K /25K/50K/100K IN LEGAL WAY AND PAID GST AGAINST EACH AND EVERY TRANSACTION.

WHEN MOST OF THE ADVANCE COUNTRIES LIKE USA /UK / JAPAN & AUSTRALIA ARE NOT IN FAVOR OF BANNING CRYPTOCURRENCY , WE ARE SURPRISED WHY INDIA IS NOT IN THIS LEAGUE . TO AVOID ILLEGAL ACTIVITIES GOVT CAN REGULATE THIS TRADING PROPERLY WHICH WE ARE SURE GOVT APPROVED EXCHANGERS FOLLOW STRICT KYC NORMS AND NO ILLEGAL ACTIVITIES POSSIBLE WHILE TRADING BITCOIN/CRYPTOCURRENCY VIA THEM.

GOVT IS NOT BEEN ABLE TO SOLVE UN-EMPOYMENT PROBLEM , BUT UNFORTUNATELY IT IS TAKING THIS STEP OF BANNING CRYPTO CURRENCY RESULTING MILLIONS OF TRADERS JOBLESS ...... IS IT FAIR ?

GOVT IS UNABLE TO STOP FRAUDULENT ACTIVITIES IN BANKS AND SEVERAL HUNDRED CRORES OF RUPEES ARE VANISHED FROM OUR BANKS VIA SO CALLED INDUSTRIALIST LIKE NIRAB MODI OR VIJAY MALYA. INSTEAD OF MAKING OUR BANKING SYSTEM MORE STRONGER GOVT IS PLANNING TO BAN THIS EX-CHANGERS.

IRONICALLY WHAT IS UNDERSTOOD GOVT IS GOING TO LAUNCH ITS OWN CRYPTOCURRENCY. IT IS NOT UNDERSTOOD HOW GOVT CAN CURTAIL ILLEGAL ACTIVITIES WHEN ITS OWN CRYPTOCURRENCY COMES IN THE MARKET.  IS IT NOT FAIR IF GOVT THINKS TO REGULATE THIS TECHNOLOGY INSTEAD OF BANNING. IN SUCH EVENT THERE WILL BE A HEALTHY COMPETITION OF GOVT OWN CRYPTO CURRENCY AND BITCOIN OR OTHER CRYPTOCURRENCIES AVAILABLE IN THE MARKET.

IF LEGAL EX-CHANGERS ARE NOT PERMITTED TO OPERATE IN INDIA THEN THERE WILL BE POSSIBILITIES OF MANY ILLEGAL CASH EX-CHANGERS WHO WILL FLARE IN THE MARKET AND ILLEGAL TRANSACTION WILL START JUST LIKE HUNDI THROUGH WHICH CRORE AND CRORES OF RUPEES ARE TRANSACTED DAILY IN INDIA  ILLEGALLY FROM DECADES AND GOVT HAS NO CONTROL OVER THIS.

SHALL WE AS INDIAN CITIZEN AND TAX PAYER TAKE IT AS GRANTED THAT  THERE WAS SOME SO CALLED PERSONAL INTEREST HAD A ROLE BETWEEN TAX TAKERS AND EX-CHANGERS THAT THEY WORKED HAND TO HAND SO FAR AND SUDDENLY THIS ILLICIT RELATION IS NOT WORKING NOW AND HENCE THIS STEP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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