Indian central bank today took a step which was expected by the Bitcoin community here in India for some time now, they banned all entities from trading cryptos.
They reason they provide for this action is too strengthen Anti -Money-laundering and also to provide financial stability.
Now this action from Indian government is very dubious, here recently 2 prominent business people(Nirav Modi and Mehul Choksi)who where also present at WEF@Davos where found out to be carrying a fraud for close to 10 years during the time they defrauded the Nationalized Bank of $ 2 Billion. Both of them escaped to US before law could catch hold of them(I think because of their connections they already knew what was coming)
India for decades has been a hot bed for crony capitalism, wherein its common norm for business people to make illicit usage of their access to the corrupt political and bureaucratic structure and plunder public resources.
India as a nation is filled in many confident tricksters both in business and politics.
I for a reason have faith in the present prime minister Mr Narender Modi, he is a honest man.
Now never in our history have the government taken any action against the people who looted our country.
We are one of the countries which has the highest number of people holding corrupt money in tax havens like Liechtenstein and Switzerland
Countless number of crony businessmen has easily escaped from the country and living comfortable lives abroad.
The prime minister here speaks about digital India and in his speeches he encourages innovation, but what is happening on the ground is stifling it. The image that Indian government wants to portray and its actions are not at all in sync.
God Bless my Country.