Skip to content

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.