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It is worth noting that the initial ban predated by a couple of months to when they replaced all currency bank notes : https://www.bbc.co.uk/news/business-37906

by Zenst 7y ago

It is worth noting that the initial ban predated by a couple of months to when they replaced all currency bank notes : https://www.bbc.co.uk/news/business-37906742 https://www.bbc.co.uk/news/business-37906742 It had also removed higher value bak notes two years prior: https://www.washingtonpost.com/world/2018/08/29/india-replaced-its-currency-wipe-out-illegal-money-stashes-now-central-bank-says-it-didnt-work/ https://www.washingtonpost.com/world/2018/08/29/india-replac... Both initiatives born out of curtailing criminal activities of various kinds at the time. So the crypto ban happened during this period and may well of been born out of that initiative against crime more than anything else and now that things have settled down, the need for the ban became moot. At least that is my thoughts upon this.

xbmcuser 7y ago
From talking to Indians the criminal element and the politicians in power were aware of this happening in advance so had already converted. Others powerful people did it after the baby with the help of corrupt bank officials that helped them back date stuff. So only the middle class bore the brunt of this.
- kranner 7y ago
  The middle class and everyone below the middle class.
ignoramous 7y ago
> Both initiatives born out of curtailing criminal activities of various kinds at the time. It is a well-accepted fact that demonetization was a sham at best, a scam at worst. > So the crypto ban happened during this period and may well of been born out of that initiative against crime. Again, what peculiar crimes exclusive to India are you alluding to that are suddenly extinct now? The ban was lifted because a successful court petition ruled the government is paranoid at best and out-of-touch with reality at worst wrt crypto. At least, that is my thoughts upon this.
- Zenst 7y ago
  >Again, what peculiar crimes exclusive to India are you alluding to that are suddenly extinct now? The ban was lifted because a successful court petition ruled the government is paranoid at best and out-of-touch with reality at worst wrt crypto. I wasn't alluding to any particular crime and the article does mention some forms, though perhaps better explained by: https://www.bbc.co.uk/news/world-asia-india-37974423 https://www.bbc.co.uk/news/world-asia-india-37974423 As another reply outlined, this did not impact the organised level of crime and only the middle class and below, as sadly most initiatives seem to effect, however well intended.
  - ignoramous 7y ago
    The article you cite was written just after demonetization was announced. It simply speaks in the tone of hope and optimism from a journalist far removed from the ground realities. The aftermath since then has left no doubts that demonetization didn't do anything to curb any sort of tax crimes, whatsoever [0]. Heck, a well-respect economist at the helm of the most important financial institution in India, the RBI, resigned, possibly in protest [1]. > As another reply outlined, this did not impact the organised level of crime and only the middle class and below, as sadly most initiatives seem to effect, however well intended. Yeah, exactly: That's text-book sham. [0] https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation#Reactions https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis... [1] https://en.wikipedia.org/wiki/Raghuram_Rajan#Controversies https://en.wikipedia.org/wiki/Raghuram_Rajan#Controversies
    - estebarb 7y ago
      Well, journalist main task is to inform objectively, not to comment subjectively. They aren't researchers or economic analyst. And on other hand, most politics decisions are based on feelings, not facts.
    - calvinbhai 7y ago
      Could you cite more primary sources? It looks like India related entries on Wikipedia were totally hijacked by paid wiki moderators[0]. Now I cannot trust any India related entry on Wikipedia [0]http://www.opindia.com/2020/03/delhi-anti-hindu-riots-wikipedia-bias-edits-dbigxray-investigation/ http://www.opindia.com/2020/03/delhi-anti-hindu-riots-wikipe...
manojlds 7y ago
This is a court ruling, not applicable to what you are trying to imply.
- Zenst 7y ago
  I was discussing a possible reason for banning it in the first place. NOT the court ruling about lifting that ban, as You implied.
  - mrscottson 7y ago
    Makes it a bit more difficult for counterfeiters to debase the currency if you only allow smaller bills... The counterfeiters may be individual or state actors engaging in an economic attack. Bitcoin can't be counterfeited, so it solves a $100 billion dollar problem.
    - Zenst 7y ago
      You make some excellent points and I agree. Though perhaps the wrong thread-branch to make that point.
gaara87 7y ago
Interesting correlation pattern speculation :)

by Zenst 7y ago

xbmcuser 7y ago

From talking to Indians the criminal element and the politicians in power were aware of this happening in advance so had already converted. Others powerful people did it after the baby with the help of corrupt bank officials that helped them back date stuff. So only the middle class bore the brunt of this.

kranner 7y ago
The middle class and everyone below the middle class.

ignoramous 7y ago

> Both initiatives born out of curtailing criminal activities of various kinds at the time. It is a well-accepted fact that demonetization was a sham at best, a scam at worst. > So the crypto ban happened during this period and may well of been born out of that initiative against crime. Again, what peculiar crimes exclusive to India are you alluding to that are suddenly extinct now? The ban was lifted because a successful court petition ruled the government is paranoid at best and out-of-touch with reality at worst wrt crypto. At least, that is my thoughts upon this.

Zenst 7y ago
>Again, what peculiar crimes exclusive to India are you alluding to that are suddenly extinct now? The ban was lifted because a successful court petition ruled the government is paranoid at best and out-of-touch with reality at worst wrt crypto. I wasn't alluding to any particular crime and the article does mention some forms, though perhaps better explained by: https://www.bbc.co.uk/news/world-asia-india-37974423 https://www.bbc.co.uk/news/world-asia-india-37974423 As another reply outlined, this did not impact the organised level of crime and only the middle class and below, as sadly most initiatives seem to effect, however well intended.
- ignoramous 7y ago
  The article you cite was written just after demonetization was announced. It simply speaks in the tone of hope and optimism from a journalist far removed from the ground realities. The aftermath since then has left no doubts that demonetization didn't do anything to curb any sort of tax crimes, whatsoever [0]. Heck, a well-respect economist at the helm of the most important financial institution in India, the RBI, resigned, possibly in protest [1]. > As another reply outlined, this did not impact the organised level of crime and only the middle class and below, as sadly most initiatives seem to effect, however well intended. Yeah, exactly: That's text-book sham. [0] https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation#Reactions https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis... [1] https://en.wikipedia.org/wiki/Raghuram_Rajan#Controversies https://en.wikipedia.org/wiki/Raghuram_Rajan#Controversies
  - estebarb 7y ago
    Well, journalist main task is to inform objectively, not to comment subjectively. They aren't researchers or economic analyst. And on other hand, most politics decisions are based on feelings, not facts.
  - calvinbhai 7y ago
    Could you cite more primary sources? It looks like India related entries on Wikipedia were totally hijacked by paid wiki moderators[0]. Now I cannot trust any India related entry on Wikipedia [0]http://www.opindia.com/2020/03/delhi-anti-hindu-riots-wikipedia-bias-edits-dbigxray-investigation/ http://www.opindia.com/2020/03/delhi-anti-hindu-riots-wikipe...

manojlds 7y ago

This is a court ruling, not applicable to what you are trying to imply.

Zenst 7y ago
I was discussing a possible reason for banning it in the first place. NOT the court ruling about lifting that ban, as You implied.
- mrscottson 7y ago
  Makes it a bit more difficult for counterfeiters to debase the currency if you only allow smaller bills... The counterfeiters may be individual or state actors engaging in an economic attack. Bitcoin can't be counterfeited, so it solves a $100 billion dollar problem.
  - Zenst 7y ago
    You make some excellent points and I agree. Though perhaps the wrong thread-branch to make that point.

gaara87 7y ago

Interesting correlation pattern speculation :)