In April, India’s government set up an interdisciplinary committee that included among others, the central bank, to examine the framework surrounding virtual currencies like bitcoin. Now, though, the panel has suggested that the government take steps to stop the use of digital currencies to protect people.
India is one country that is experiencing a soaring demand in bitcoin, which is seeing the country’s exchanges becoming overwhelmed with the increased popularity.
However, while the government continues to deliberate over the legality of bitcoin and its regulatory stance, the panel has suggested that the government launch a campaign to dissuade users from using the digital currency, reports the Financial Express.
These latest comments from India’s finance ministry comes at a time when the use of bitcoin trading is experiencing a surge in popularity.
Another factor brought on by the boom in digital currency trading can be linked to the country’s demonetization last October, which saw the government wiping out 86 percent of the nation’s currency overnight. India wants its society to be cashless which has sparked a big issue since half of the population do not own bank acounts.
Bitcoin continues to be a popular form of trading in India. If the government does implement campaigns designed to dissuade people from employing the currency, it remains to be seen whether the measure will have any impact on them.
In June, the finance minister Arun Jaitley held an inter-ministerial meeting to discuss the risks associated with the digital currency. According to the report, no decisions related to digital currencies were taken, despite seeing prominent figures including India’s IT minister and the financial services secretary at the meeting.
Could this be the start of a war on digital currencies? Could we start seeing more countries coming togheter to ban the cryptocurrency market? The only certainty we have is that bitcoin and other altcoins are not representing the interest of the central banks which have made us slaves through their finely tuned monetary system based on debt.
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