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India's Central Bank Wants To Ban Cryptocurrencies, Government Says (techcrunch.com) 56

Posted by msmash from the here-we-go-again dept.
India'a central bank wants to ban cryptocurrencies, the government told the parliament on Monday, raising more uncertainty about the future of the nascent virtual digital asset in the world's second largest internet market. From a report: Nirmala Sitharaman, the minister of finance in India, said the Reserve Bank of India has expressed concerns about the "destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country" and has recommended "for framing of legislation on this sector," she said. "RBI is of the view that cryptocurrencies should be prohibited," she added. Formulating any legislation for regulation or banning of crypto will require "significant international collaboration," she added.
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India's Central Bank Wants To Ban Cryptocurrencies, Government Says More

India's Central Bank Wants To Ban Cryptocurrencies, Government Says

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  • Ban the Internet (Score:1)

    by Anonymous Coward
    for good measure!

  • When asked to give reasons for said changes (Score:3, Funny)

    by NobleNobbler ( 9626406 ) on Monday July 18, 2022 @09:13AM (#62712070)

    When asked to give reasons for said changes, government officials were unable to answer the question despite having 5 conflicting processes for discussing the changes. When asked to elaborate, authors were asked to draw upon their resources until the referral forwarding chain ended in a black hole and they received a reprimand about not being a team player.

    Credentials: worked 5 days in the American office of an Indian sweatshop (how could I have known) before becoming so horrified it was a moral imperative to resign.

  • A dream come true (Score:2, Insightful)

    by Tokolosh ( 1256448 )

    The average slashdotter welcomes this move, and urges Biden/Yellen/Powell to hurry up and be like India, Russia and China.

    • This is true for some reason. Slashdotters are pro government-backed paper money that devalues over time, kills people's savings, and requires government interventions when it goes sideways.

      • The point of Money is to be able to buy stuff with it and keep in circulation. Cryptocurrencies encourage people to horde them, and hold onto them, because their value will rise quickly over time.

        A strong economy isn't about having more money, but having more money moving.

        • A strong economy isn't about having more money, but having more money moving.

          Over the past two decades it's been about printing money, literally thousands of tons of money.

          An economy over the past three centuries have been about 1) more and more people living under the sun 2) more production 3) more efficiency - only we have one finite Earth.

          Yeah, you're right, let's circulate even more money, reproduce even more. This has worked beautifully [wikipedia.org] for us, hasn't it? Almost every second page of /. is dedicated

          • tl;dr - Crypto intangible assets reduce economic activity, economic activity contributes to climate change, therefore crypto intangible assets are good. Have I got that right? If so, what do have to say about the quantity of CO2 crypto intangible assets generate world-wide & how much of your income/purchasing power are you willing to give up for your ideas?

            • tl;dr - Crypto intangible assets reduce economic activity, economic activity contributes to climate change, therefore crypto intangible assets are good.

              People keep money in banks, banks then can lend that money to fund businesses, it's going to be just like that with crypto. I see no big difference. Lots of people keep their money under mattresses. The world hasn't ceased to exist because of that.

              If so, what do have to say about the quantity of CO2 crypto intangible assets generate world-wide & how much

        • horde = people (Mongol horde) hoard = money (dragon's hoard)

      • Which crypto project has worked differently in practice? How many crypto projects outright failed so far this year despite efforts to prevent them from going sideways?

        • Well some cryptos [slashdot.org] are actually used to trade goods and services. Granted it is generally goods and services frowned on by their local governments⦠but given the number of Bad Governments with overly restrictive laws I see this as a virtue.

      • Bitcoin has devalued a bit over time recently.

        • that's because the government intervened and put band-aid on paper money. let's hope it sticks well this time and doesn't destroy people's savings again.

      • Re: (Score:2)

        by whitroth ( 9367 )

        As opposed to suckers like you - did you miss the entire cryptocurrency meltdown, the last few weeks? And why should I pay someone in crypto, when tomorrow the coin might be worth half again what it is today... or half what it is today?

        Unless, of course, you personally are dealing in ransomware.

    • Re:A dream come true (Score:4)

      by twocows ( 1216842 ) on Monday July 18, 2022 @10:22AM (#62712362)
      I don't really hate crypto to the point of wanting it banned. At least for me, it's more a problem with how it's discussed. The interesting bits for me are the technical aspects and the "how" of making a currency that isn't controlled by governments or banks, as well as some of the later efforts to do new things, like ETH moving to proof-of-stake, or that Chinese one that was trying to use storage instead of computation as the limiting factor. I'm not really interested in crypto world drama or crypto investment recommendations, which seem to be the parts of crypto that are most often discussed here and the other places I go for tech news/discussion.

    • For different reasons.

      India wants to do it because an online population combined with crypto makes capital flight away from depreciating currencies even easier, though really they are fighting a losing battle. The coming decade will have the worst currency crisis in history.

      I just hate malware and zero sum ponzis.

    • The idea that a central bank wants to ban crypto is obvious they all do as they want to manage the money. I can see both sides of this coin on one side the central bank is basically criminal in their management of the money on the other side if a significant move of transactions and funds to an alternative happened it has a strong possibility of wiping out the economy. I am not against crypto for environmental reasons (even though it has significant cost there) I just think it is a scam as it has no value,

  • 1. All is fine. Crypto is an abstract thing out there somewhere, and vaguely concerning.
    2. All is not fine. Currency is questionable - but we don't want people to flee it. Crypto is now public enemy number something.
    3. Currency no longer questionable - now it's just not really viable. Crypto will save our economy.
    4. Uh oh...

    • There was this one Indian dude one time:

      First they ignore you, then they laugh at you, then they fight you, then you win.

      -M.K. Gandhi

      • ... but misattributions are a trigger for me.

        Ghandi almost certainly never said that. The nearest quote (which could be another mistaken attribution) would be for Nicholas Klein in 1918.

          "First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you."

  • Of course they try to ban Crypto. Wouldn't want your minions to flock away from the local currency into a global system of incorruptible and transparent Internet money. That would totally jeopardize the "monetary and fiscal stability", which is the governments job!

    Seriously now, the government must take more and more debt and debase the currency further and further by printing money out of thin air. The needs of the high political class need to be funded. It won't work as nicely if people stop using the gov

    • Re: (Score:2)

      by splutty ( 43475 )

      Oh boy..

    • Bwahahahahahahahahaha!!!!

      Crypto literally tanked. Any country relying on crypto right now would be in a hyper inflationary spiral, and wouldn't have any means of breaking it. Cryptocurrency isn't currency. I can't even call it in an investment instrument. It's a scam.

      • All investment instruments are scams by your definition.

      • Yeah... I stopped counting. How many times has it tanked until reemerging stronger, faster, better, bigger? 4, 5? Or is it the 6th time already?

        • How is that supposed to be conducive to trade and industry?

        • Never. It never did what you said.

        • Re: (Score:1)

          by Anonymous Coward

          Yeah... I stopped counting. How many times has it tanked until reemerging stronger, faster, better, bigger? 4, 5? Or is it the 6th time already?

          Sure, I really want money to work like this :

          "You know we pay you in bitcoin? Well the bad news is that it's crashed in value so much in the last few months that your salary is only worth a third of what it was at the begining of the year so you may not be able to afford to keep your home, but the good news is that in the next few months it might increase in value so much that we won't be able to afford to pay you at all!"

      • US dollars have lost 98% of their value since the Federal Reserve was formed, far more than Bitcoin. It's clearly a scam.

      • Re: (Score:1)

        by Anonymous Coward

        And this post just shows your incompetence in the subject. I suggest that you do read up a bit on the subject before making such claims.

        The value in bitcoin is what functionality it provides.. I would say that people buying bitcoins today is more comparable people buying shares in a company they believe in.
        Sure it's quite volatile but as time progress, and more capital flows in, the less volatile it becomes.

        One of the major use-case is banking the bankless, such as unstable countries in Africa. If you think

  • Crypto is useless (Score:3, Insightful)

    by HetMes ( 1074585 ) on Monday July 18, 2022 @10:05AM (#62712284)
    One purpose of a currency is to be a safe value store. Crypto clearly does a much worse job than fiat. I'm not really sure what crypto does actually do for society. Except apparently make banks useless? But you know what, I'm mostly good with the heavily regulated banks and other institutions.

    • 9.1% inflation in June, the highest [pbs.org] over the past 45 years in the US.

      The stock market [wikipedia.org] is doing exceptionally well, right.

      Looks like money is totally safe to store and invest, and horrible evil Bitcoin cost $0.1 in 2009, and today it's worthless at $22K. Such an awful job.

      • Re: (Score:3)

        by DrXym ( 126579 )
        And last year it was 60k.

        But of course the only reason it has ever risen in value is because people are trying to offload their "investment" on some greater idiot. Then a crash comes and a bunch of idiots lose their shirts and the cycle repeats. Never once because it is a viable currency or holds any intrinsic worth in its own right.

    • I was talking to a title insurance agent who was really excited about blockchain, as they have constant problems with people trying to scam closing checks and wire transfers. It's never-ending - social engineering phone calls, intercepting email, having people show up and impersonating the seller to collect the closing check. For every interaction they have to verify the identity of everyone involved as best they can, which sometimes isn't enough. With a central repository of wallets, this can be avoided.

  • What stops crypto-dorks from having a blockchain driven by handwritten math? If they actually believe vast amounts of work and energy expenditure are justified by the output, why is everything they do seemingly driven by personal laziness and malignant narcissism?
  • Good luck tracking down all the Monero onion nodes https://monero.fail/?onion=tru... [monero.fail]

  • So India wants to ban cryptocurrencies but at the same time they allow tech support scam companies in their country. Go figure.

  • Wait till OPEC sells Oil in Cryptocurrencies

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