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Indian Government seeks Public opinion on how Bitcoin should be Regulated

In India, the government is asking ordinary citizens on how they want Bitcoin to be regulated in the country. This will, according to the government, help the country to formulate a regulatory framework for all digital currencies including Bitcoin.

The Indian government through the ministry of finance recently announced that members of the public are invited to submit their views regarding digital currency. The website which was designed, developed and hosted by the National Informatics Center under the Ministry of Electronics and information Technology is where Indians or people living in India can give their views on digital currency. The government set a deadline of May 31st, 2017, for the last submissions to be made.

What really does the Indian Government wants to inquire through

A quick look at the website we came across the main queries of the website which clearly state, “should digital currency be banned, Regulated or Observed?”. This is the first question asked in a series of questions on the website. The website continues asking a series of questions depending on what the user of the site chose before. It seems like the government has not made up their mind on whether digital currency should be legalized in India or be banned. However, previously Reserve Bank of India said they are not monitoring the cryptocurrencies yet and maintained a neutral stand. We cannot conclude that the Indian Government’s intentions are to ban the currency as it is allowing the majority to decide what’s good for them.

Is It really Possible to Completely Ban Digital Currencies in India?

This is a million dollar questions which has already been asked by millions of people across the world. The naked answer, however, remains a complete No. Digital currencies are peer to peer in nature meaning that a user does not need authority for access from a third party before a transaction in digital currency can be completed. There are sophisticated technologies at government disposal but in 2017 none of these censorship technologies can stop such a decentralized system.  Hence the step can be seen as Government’s acknowledgment that cryptocurrencies are here to stay and rather than banning them, they are trying to regulate them.

What is really wrong with Digital Currency that a lot of Nations want it regulated or banned.

Bitcoin and other digital currencies have had mixed reactions from many governments across the globe since their inception. Some governments embraced the development and deployed it into their systems. These governments also helped improve digital currencies mostly on security grounds. However, some governments have tried to block the digital currencies in their territories. This has been a futile attempt without any positive results solidly because of the nature of technology available at the reach of a common citizen.


Current Bitcoin Buzz

Blockchain Barrage? – Just to refresh your memory – A “blockchain” is the computerized ledger of sequential bitcoin transactions. It’s the means by which bitcoin spenders bypass a bank or other clearinghouse while always remaining secure and anonymous.

It turns out Wall Street banks are not all that happy about being bypassed.  They like the way blockchain technology is shaping up and want in. Recently, Daniel Pinto, head of JPMorgan’s investment bank, commented to the Financial Times: “Blockchain will be big in everything related to settlement, and not just loans. While it is still early days, the technology looks very good”

In other words, blockchain technology has the potential to shortcut the administrative delays and rubberstamping traditionally associated with settlement.  One analyst with Goldman Sachs is even more explicit about its possibilities: “From banking and payments to notaries to voting systems to vehicle registrations to wire fees to gun checks to academic records to trade settlement to cataloging ownership of works of art, a distributed shared ledger has the potential to make interactions quicker, less-expensive and safer….”

When executives at the United States’ largest banks start to feel they’re losing control and have to hop on the bandwagon, you can believe bitcoin is the wave of the future.

Bitcoin Funding —Diehard skeptics and currency traditionalists who feel bitcoin is a fluke should take the advice of informant “Deep Throat” to Washington Post reporters, Woodward and Bernstein (portrayed, respectively, by Robert Redford and Dustin Hoffman in the film All the President’s Men: “follow the money”

Venture Capital funding for bitcoin surpassed $1 Billion in 2015.  As of January 28, 2016, bitcoin funding is already at the $50 million mark

Three prestigious Wall Street firms, The New York Stock Exchange, AAA and BBVA have announced investments in bitcoin.  Former Citigroup CEO Vikram Pandit, and former Thomson Reuters CEO Tom Glocer have thrown their hat in the ring with personal investments in the digital currency

Now Accepting Bitcoin–Last year, ebay and PayPal announced plans for merchants to accept bitcoin payments through Braintree, a third-party processor that was acquire by ebay in 2013.  The company will now be owned by PayPal Holdings In their recent SEC filing, eBay and PayPal confirmed plans to allow merchants with a standard account to accept bitcoin payments through third-party processor Braintree. This company was acquired by eBay for $800 million in September 2013 and will now be part of PayPal Holdings

If you’re a fan of the comedian, Louis CK, you can use bitcoin to pay the $5.00 charge to catch his show Live at Madison Square Garden And if you’re truly a raving fan of the famous redheaded comic, for the same price (in bitcoin) you can tune into an episode of his new series, Horace and Pete, with Steve Buscemi and Edie Falco, in which CK portrays the owner of a seedy, one-hundred-year-old Brooklyn bar

Clearly, with bigtime banks and backers backing its development and the mainstream entertainment industry honoring the new currency, bitcoin is off and running.