Techcrunch reported that Indian politicians are introducing legislation to ban Bitcoin and other private crypto-currencies, allow some blockchain tokens and their own government issued crypto. Is this serious?
- India is always paranoid about hard currency dating back to Gandhi. They have always limited it so hate hate hate crypto, that they cannot control.
- Indian currency is a total mess reflecting the ‘third world’ nature of the Indian economy. They had to eliminate the 1000 and 500 Rupee notes because less than 3% of turnover paid tax. Tax avoidance is a national sport and everything is in cash. Corruption is endemic. Here is the problem. India ‘wants’ to be a developed country yet until they fix the economy/corruption/currency they have no chance.
- The Indian government moves so slowly they cannot keep up with digital development. Every development is rife with corruption. Big companies and rich people avoid action so no government bans will mean anything.
- POINT ONE. India wants to become a 1st world country. It’s global dispora is massive and rich YET they cannot stand the Indian corruption. They understand it YET will never truly invest until its fixed. The first step is the currency YET whatever is done with cash can be replaced by an independent bitcoin economy. Thus Indian officials hate Bitcoin.
- POINT TWO. India will try an control its currency. A crypto-rupee is perfect to achieve this. Eliminating the cash corruption is key. There can be no competition so bitcoin and independent crypto-currencies must be banned. Expect it.
- POINT THREE. Indians are some of the best tech people in the world. New technologies allow Indian companies to disrupt current tech leaders and create market leaders. This is why, for the ‘no-crypto’ language, this refers only to payment crypto-currencies, token-based opportunities are very exciting.
How this impacts Dacxi?
We have a number of Indians working for Dacxi who confirm the opinion proposed here. The BOI [Bank of India] and Modi government want to transform India to a 1st world nation and will, like China, ban anything competing with their strategy.
Dacxi has a huge opportunity with its tokenised innovation system linked into India. We provide the system that could empower India into a new innovation revolution.