Radical and disruptive forces in the financial sector such as cryptocurrencies are the need of the hour. As you can tell from my earlier post and the report I linked in it which hints that Indian banks are stalling the INR deposits and withdrawal on some discreet guidelines from RBI. This is exactly the reason why cryptocurrency is needed in a vast economy such as India.
Whose money is it?
Undoubtedly it is our hard earned money!
KYC and all relevant checks are in place if one needs to transact in our country. Trading transactions are always made from local bank accounts to local crypto exchange accounts electronically. No anonymous cash or cheques are allowed or accepted. Exchanges in India have exercised caution and to keep the transaction as transparent as possible.
Now enter the centralized third party like RBI-Reserve Bank of India in the scenario. They want to control every aspect and minute details of how we utilize our hard-earned money. They want to control where we invest, and what asset classes we are permitted to buy and those that we are not!
The way the banks discontinued their services to the crypto exchanges show the enormous amount of power they wield over our economic freedom or our choice to act as we feel right with OUR MONEY... What about our rights you ask? In India our rights are on paper only!
Thugs in Disguise
Our money is not bank's money! They are just custodians of our money. They just hold it for us as a middle man of trust. The money in its entirety is ours and our alone!
Banks in India now say that you can't transfer your money to an account of your choice within the Indian financial ecosystem? How messed up is that? What is the purpose of storing our income with them if we are not allowed to move it around as we please and invest in financial instruments that we believe in.
This is the reason why we need to have a decentralized, peer to peer currency system where the 3rd party is kept away from the equation. The banks are worried about citizens being scammed and criminal abuse stemming out of cryptocurrencies but how much of abuse with FIAT currency have they been able to curb?
We should be glad that governments like Japan have legalized cryptos as legal tender. Belarus has adopted a pro-crypto stand legalising cryptos, ICOs and making them tax free for 5 years.
These are few of the positive moves by some governments that today provide space and opportunity for cryptocurrencies to evolve within their economies. Some countries like China feel their sovereignty is threatened, while the feudalistic government in India wants to make its poor, poorer by day and keep them there! They want their total control over their citizens life and this desire for control is disgusting!
Regulations are different from how the IT raids and denial of banking services to genuine customers are being forced upon people. They are acts against our fundamental right to earn a honest living through legal, ethical and moral means.
Regulations are about forming guidelines as to how the crypto space should be governed or managed or even controlled. It is about evolving it into something tangible, and scalable for the masses. But, this blatant denial of service by banks is not an act of regulation in any sense!
Now that 1000s of crores of Rupees of people are in cryptos and if Banks close doors, some clever, resourceful and ‘jugaadu’ Indians will come up with some other means of transaction and the Govt will be left in no better situation with regard to this matter.
I hope that the centralized intermediary like banks realize that our world is changing at a blistering pace, and a fundamental paradigm shift is happening from trust to trustless basis of transacting value.
The Govt and Banks are perhaps aware of their losing grip over people's trust and are now resorting to arm-twisting tactics instead of facilitating a smooth shift to a trustless era.
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