Now crypto bill can be introduced in the Lok Sabha at any time. Some newspapers have published the news that the final decision on crypto will be taken by the Prime Minister. what does this mean ? Is the bill on crypto not yet fully framed and if it has been done then what is the meaning of the final decision? Now many meanings can be derived from this. Could it be that the Prime Minister will decide whether to bring a bill on crypto in this Lok Sabha session or not?
The media has been publishing news confusing the market for some time now. Even a few days ago, a news agency published the news that those dealing in crypto could be jailed for up to two years. Because no one ever questions the news publishers, so they keep publishing anything. Till now there is no rule or law regarding crypto in India. If a person now invests the capital he has after paying his taxes in crypto, then it is not a crime. The government has been saying from time to time that there are huge fluctuations in the price of crypto, so there is an economic risk here. The investor knows this better than anyone else. If the government is so serious about investors, why is it delaying in enacting the right laws regarding crypto? By now the public would have suffered a lot.
Investors investing in crypto or elsewhere are aware of the dangers associated with it. There is no doubt that it is the duty of the government to inform the public about the risk associated with investment so that the investor does not suffer. Now the crypto community of India is waiting for what rules the government is going to take on crypto? Before banning crypto, the government will also see what is the contribution of crypto and blockchain to information technology and what can be its contribution in the future? The government will also have to see that the use of crypto is very important for blockchain technology. Blockchains like Ethereum are not only used to make money in crypto, but also create many smart contracts that provide solutions to many common problems. A coin or token is required to use the blockchain. If the government thinks of banning crypto, then the youth in India will be unemployed for a very long time.
In the time of Corona, crypto and blockchain have been the only areas where jobs have been given. The government should cooperate with blockchain and crypto. Make rules for this so that crypto is not misused and youth can make their future here. Today there is talk of teaching coding to small children and the importance of coding in crypto is known to the whole world. If the government decides to ban crypto, then the price of crypto in India will come down very fast because the transactions here are done only through crypto exchanges. In such a situation, the crypto exchange will play with the investors and it will be mandatory for the investors to sell their crypto at a low price. If the government is concerned about the loss of the investor, the loss will increase further by stopping it.
After stopping this time, then taking back this decision will do more harm than this. The crypto community will again go to court for this and the government also knows that the victory will be with the crypto community itself. There is no merit in the argument of the government. There is no evidence of funding terror from crypto, but by repeatedly speaking about it, giving terrorists the opinion that crypto is beneficial for them. There are large fluctuations in the price of crypto, so are other investments such as the stock market. Investment of black money in crypto is also not a correct argument because if there is black money then investment will happen, then the government should first stop black money, investment will stop automatically. All these arguments will not work in the court and the time of the court will be wasted.
Prime Minister’s Twitter account was hacked yesterday morning. In about a few minutes, this problem was also corrected, but in this time a tweet was made from the account of the Prime Minister, in which it was written that India is officially giving legal tender status to bitcoin. The government has officially taken 500 bitcoins and they will be made in all Indians. It is not yet known who made this tweet.
This hack and tweet comes at a time when the Indian government is close to Bill Lane on crypto. Is this a deliberate conspiracy by someone to defame crypto? Twitter’s system is a major drawback from crypto here because the account hack has nothing to do with crypto or bitcoin. If the Twitter account of the Prime Minister of a country is not secure, then how can the information of common people on Twitter be safe. , Everyone’s attention is on this account that bitcoin or crypto hackers hacked the account and tweeted but no one is blaming twitter or questioning twitter about it. Blockchain can be used in social media and accounts can be secured with private keys.
The Prime Minister of our country is a very kind person. In the last few years, many big and good decisions have been taken in the country. If the final decision on crypto is going to be taken by Prime Minister Jay, then he will reach any conclusion only after much deliberation. Now we have to see that with how much vision the Prime Minister takes any decision on crypto?