"The RBI is not all too comfortable with Bitcoin because it cannot be properly controlled by banks or governments. This degree of financial freedom provided to consumers and businesses is quite worrisome, for obvious reasons. The government issued a warning about how cryptocurrencies are, for all intents and purposes, still considered to be a tool suited for money laundering and illegal activity. Coming up with a solution to prevent such illicit activity will be pretty challenging."
Credit: JP Buntinx and The Merkle
HO-LEE-SHEET! THIS QUOTE!
TL;DR
As India's Reserve Bank of India looks for ways to stabilize their nation's financial woes, cryptocurrency is being considered for legitimacy in that testing is being setup to review how cryptocurrencies would perform.
Optivert's Opinion:
Kudos to India for considering an alternate future, even if it is largely due to their current economic situation, I believe this is positive overall (to be clear, so does the article's writer). The part of this that bothers me is the quote above…
…I fully understand the sentiment being expressed however I cannot ignore the underlying technology and the force behind it. I don't believe any one person who believes in cryptocurrency (or blockchain for this matter) also believes that the technology is perfect.
I see citations on a regular basis pointing to:
• How much crime is associated with cryptocurrency
• How it’s a pyramid scheme or a fraud (HAHA Jamie Dimon…anyway)
○ On this note, bullies only attack threats and weak targets, to me this means, Bitcoin is awesome (lol@weak, certainly not!) and the bully is afraid of it (a threat!) (just my opinion, means not a thing, carry on)
• General all-around FUD'n
I truly believe that if the people who are negative towards cryptocurrency and/or blockchain have read up on the technologies then one of the following must also be true:
• They lack vision and/or understanding
• They see this future and do not want it
• They are part of the Empire and must be stopped at all costs!
In any case, I'll keep on comparing the internet to blockchain and by extension cryptocurrency. That motherfucker's going to keep on rolling and magically (not really to you and me but to the non-tech of the world certainly its magical!) one day it will just be with us, accepted and integrated throughout our lives, whether we know it or not.
To be clear; I despise this tug-of-war over technology advancements. I honestly feel (and after talking with my 73 year old father, this is confirmed) that older generations, frankly, just don’t want shit to change. Modern technology has only arrived in the latter halves of their lives and they are comfortable without it as they are nearly dead anyways and figure "fuckthatshit I aint learning nothing new" (direct quote from my father, thanks dad!).
With that said I then look to my current Government representatives (yup, all the way up to that {insert opinion here} president) and think, by the logic above and considering most of these people share my father's age and/or generation, why would they be in any hurry to change anything. It must be nice up there where you know what the fuck is going on?
I don't expect anything to happen very quickly but I do expect our younger generations to get off their asses, use this wonderful technology to take the fuck over our country and the world in a conjoined effort to make this place amazing for us all. I believe in them and this technology, and you should too.