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I was curious why they banned it in the first place. From the article: "At the time, RBI said the move was necessary to curb ring-fencing of the country’s
by ur-whale 7y ago
I was curious why they banned it in the first place. From the article:
"At the time, RBI said the move was necessary to curb ring-fencing of the country’s financial system."
"It had also argued that Bitcoin and other cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form, nor were they stamped by the government."
The second argument is beyond weird as most currency isn't material these days, including India.
It's also worth noting that the ruling doesn't seem to have had any kind of effect on Bitcoin's price.
Maybe the news is too fresh ... time to buy !
- realusername 7y agoNo country is recognising them as actual currencies, because once you do it, that opens a whole lot of other issues for the country, suddenly they could lose control on their money supply and that's a potential threat to their sovereignty. It's much easier and safer to consider them as assets.
- logicchains 7y agoThat's simply not true; Bitcoin is recognised as a currency in Australia and Japan for instance. Banning cryptocurrency doesn't prevent a country from losing monetary sovereignty; people could still just switch to another national currency, like US dollars. This actually happened in Zimbabwe and Venezuela.
- elp 7y agoIf they had ever approached even the slightest level of acceptance of gold they would have been okay as assets. Now its more like betting at the track. Except that the track is probably more regulated and insiders are less crooked.
- realusername 7y agoFor now I agree, right now it's pure gambling. However it's still pretty early to say what will happen in the future about the cryptocurrencies.