With the growing concerns that Bitcoin will be banned in India, I thought that this would be an interesting topic to cover. Now lets check out the scenarios that will present if the government decides to ban all cryptocurrencies here. First and foremost, I don't really think that the government will ban it. I think they do not want to miss out on the enormous opportunities that this space brings economically. Having said that, our politicians are known to have enormous stupidity and might try to stifle this booming market out of pure and simple ignorance and laziness.
(Pic courtesy: kryptomoney.com)
Fear not, the beauty of Decentralized applications lies in the fact that while you can Ban the transactions between Cryptos and INR, they cannot stop the internet or the respective cryptocurrencies. Thus, what is does is open avenues for other governments like Japan, who have the foresight to understand the value that this space brings, to capitalize. How? Simple, what an investor needs is a VPN and access to international trading exchanges. Whatever position you hold, you can simply get it exchanged to any foreign currency and pay respective taxes of that government. Take the tax certificate and bring the money in your account via fiat to fiat conversion.
While this makes the task harder, it is never blocked totally. Yes, you will have to get creative and spend some time on it but one thing is certain, if you have played well and have the early mover advantage you will still endup with a lot more than what your average bank can offer. In a country where a farmer is mowed down by a tractor by the bank recovery agents, just because he could not pay the EMIs for his loan to the banks, you cannot expect a fair game being ensured in the traditional structures of investment.
(Pic courtesy : Zeenews india - Google)
Where a Vijay Mallya, defaulting on billions of rupees in loans cannot be touched, the Indian banking system touches a new low every time a poor, needy, regular person like you and me is unable to pay EMIs. So be smart and educate yourself.
Bitcoin : 1B9WtSPD48wuPLoJRPFGkdeA5MsRY5z5No
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Ripple : rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy TAG - 638250538