India might ban private cryptocurrencies like bitcoin and develop a national digital

[Pokerface]

Came across the following article that India may ban Bitcoin etc and create their own.

https://www.cnbc.com/2021/01/30/the-...e-bitcoin.html

[universal4]

China is nearing completion of their release of their own, and they should have an agreement in place with SWIFT soon.

I wonder how many countries will take the path of attempting to release one, and how many on that list will try and take action against others, or will embrace them in hopes it will make theirs seem more legitimate.

Rick
Universal4

[Sherlock]

For the record: If some country wants to release some "cryptocurrency" it has nothing to do with bitcoin. It has even nothing to do with blockchain (even if it by miracle runs on blockchain).

I do not believe China, India or some other other country will release a "national digital coin", it will be nothing else that what already exists. The only and I repeat the only real change to the current system would be that this coin would be held at central bank. In other way it would be the same fiat currency as the old currency, just people would be having accounts at central bank.

If true I wonder what would commercial banks do then. Because they are very good to do compliance and central banks are not ready for that (maybe in China yes).

Otherwise I do not know why this bs is compared to bitcoin. That national digital coin has as much in common with bitcoin as fiat balance at Skrill.

The article is a nonsense.
All governments who think they need this or compare it to cryptocurrencies are idiots.
So are idiots people at Facebook who wanted to make Libra, but compared to those balances at central banks that are called "state crypto" was Libra nearly on bitcoin level.
It even hurts just to read about it, because really... if someone writes an article how dogs will read a weather forecast or that a rain is a supercomputer... I am really not sure if it is worth of reaction.

Politicains have some problem, they say something about something else than the problem. They have no clue about anything, but ok, they pretend they are doing something. Focus on the problem is diverted (I have no idea what problem is going on in India).

Journalists also have no clue, so they write an article. Other journalists just copy pasta that article.

People share the article about a total nonsense, which is not even briefly described, because it can not be described, because there is no way how can be rain a supercomputer. But it looks cool. Or threatening. Or wise!

People share that nonsense. Because they want to be cool. Or be scaed. Or too look wise.

Life goes on.

[TheGooner]

Some thoughts ...

------------
WHAT IS CRYPTO CURRENCY ?

The main differentiators that REAL public crypto has to paper money and/or fiat currency is :

1/ The rate of inflation of tokens is specified mathematically, and known, and far less than the current "money machine goes BRRRRR" of fiat. (*)
2/ The ledger is publicly ordered and maintained, and not censored by state or other authorities.

The leading cryptos have both features, and usually also have a 3rd factor of functional usability in the space (ETH, LINK) or extreme rarity (BTC).

(*) In 2020 the US government printed $9 trillion - that's NINE THOUSAND BILLION - or 9,000,000,000,000 DOLLARS.
That is equal to 22% of the total dollars EVEWR printed !!!

------------
WHAT IS FIAT CURRENCY ?

Now compare that to "a proposed national digital currency" that runs on a centralised state controlled ledger (even if it's a form of blockchain).
This is clearly not any sort of solution to the two main problems with fiat currencies :

1/ The mass printing of money thus devaluing existing dollars, rupees, rubles etc.
2/ Government restrictions and control on what you can spend your money on.

Think about it - the claim that "it's digital" means NOTHING - bank accounts are "digital" so is PayPal, Neteller and Skrill.
None of these organisations actually have much paper money in vaults or any other form of assets other than digital balances.

Whether it's shown as a bank balance, or handed to you as a stack or cash, or a "national digital currency" is just semantics about how you see it - it's still EXACTLY the same thing - no matter what form it takes.

With that in mind you can see how saying that "India will ban bitcoin and start their own" or that a "state digital coin" replaces public crypto just completely misses the mark as a coherent statement. The words sound solid but they make no sense.

------------
WHAT SORT OF COUNTRY BANS INNOVATION? AND WHY?

Currently the countries talking about banning and restricting crypto are countries like Nigeria, India, China, Russia ... countries that are all poorly administered, with hundreds of millions of people that are unbanked, and trapped in a poverty cycle. They are trying to stop wealth leaving the country through draconian measures and restrictions.

To hear the USA, EU and/or UK regulators talking the same sort of overbearing and regulations ... just makes you think ... why?
I think it's because they fear capital flight - money leaving their grasping taxes. Remember the US gold grab of 1933?

-----------
WHAT IF A GOVERNMENT EMBRACED THE NEW IDEAS ?

However, IF (and it's a big IF) a sizable government does create a real digital token, and allows it to connect and be traded in the public ecosystem, AND gets it's laws around crypto right to encourage enterprise then THAT country will take a huge step forward in creating an environment where innovation can thrive and a path to possible wealth for it's citizens.

Who will it be?
- I can't imagine the monied class of merchants and bankers in the US and UK will let it happen and destroy their monopoly.
- I can't see a Islamic state getting involved with their hang-ups over interest
- I don't think a dictatorial country that has decades of mismanagement will allow it's citizens freedom of money movement ...

SO .. perhaps it will be somewhere like Switzerland, Singapore or maybe a Scandi country that takes the leap.

[gamblersconnect]

Many countries are considering creating their own digital coin, and we can definitely expect in the future that other countries will try and implement their own.

[kosmosf]

India surprises of course. Fight against something new and perfect. No wonder this country is not very prosperous

[casinogurashi]

Eventually btc will be favored

[Sherlock]

Eventually btc will be favored

Many players are disgusted by the high fees of BTC and ETH. There are one and xrp for tokens with low fees, but they are not suitable because of their high volatility.

I hope the SW that created a spam-robot like you will not create the SW of my future car.