To
Sri Narendra Modi
Prime Minister of India
New Delhi
Sub: Why we should eliminate the Digital Black Money called Bitcoins from the face of India
Dear Sir
I am one of the admirers of your leadership and believe that in the path of progress of India, substantial ground has to be covered under your regime before it is too late. Whether it is Anti-CAA or Anti-Farm Bills, we are aware that opposition parties will try to discredit you and discourage you so that you will stop taking any further reformist steps. Unfortunately the large part of media has also last its sense of duty to the public and hence they help build false narratives that sustain the anti reformist agenda of the opposition.
At this time of crisis some times people like us hesitate, thinking whether it is fair to raise one more contentious issue and seek your intervention. We are afraid that this would probably increase your stress and we don’t want you to break down.
But I am also constrained to think that there is one thing which is an unfinished agenda for you which is possible to be achieved only under your leadership and not otherwise. That is the elimination or at least an attempt at reduction of the Black Money.
Your first effort to demonetize large value currency was frustrated by the corrupt intermediaries and to some extent presence of a large quantity of fake currency in the country. The effort to prevent “benami” property holding through Aadhaar linking has been put on the back burner because of the power of the unaccounted assets which drive business and politics in our country.
Now I would like to say that behind this power of the “Black Wealth”, the continued recognition of “Bitcoins” and “Crypto Currencies” is the main reason. The crypto currencies and Bitcoin provide an excellent opportunity to the possibility of building black digital wealth and conducting the black money havala transactions. All intelligent black money holders have already converted their black money and wealth into Bitcoins and any further efforts in the physical world to curb benami properties etc will not have the required impact to reduce black money and black wealth in India.
Some time back RBI tried to ban bitcoins but the power of black money prevailed and bitcoins got a new lease of life from non other than the honourable Supreme Court itself.
I have therefore lost trust in the RBI or even the Supreme Court doing anything further to curb the menace of “Bitcoin”. I am sure that many of the bureaucrats and politicians also love Bitcoins because it is the best way to take bribes.
The current farm agitations are also perhaps funded out of Bitcoins because Canada is in the forefront of Bitcoin usage. I am sure that Bitcoins are used for funding terrorist transactions as well.
Despite the fact that recognition of Bitcoins would kill the economy, the Government of India has remained silent and this can only be interpreted as corruption showing its power at the highest level.
The last hope to get this Digital Black Money eliminated is you and hence I am constrained to write this letter once again.
Kindly take the bold step of banning crypto currencies, first by making a statement from your end or from the MOF end. Then kindly issue an ordinance to bring it to effect immediately.
By banning crypto currencies, you will be seriously choking the underworld economy in the digital world and there will be a reduction in cyber crimes, ransomware attacks.
I will not be surprised if even the farmer’s agitation would be weakened since all the funding agencies will have to run for cover to recover their own existence if crypto currency wealth is extinguished.
Just as the Canadian Prime Minister is trying to bring pressure on the farmer’s agitation, there would be many foreign countries who may have their opposition to a move for banning crypto currencies in India, but I wish you would be able to convince them that it is our internal decision.
Probably there would be many countries which will rally behind you in this measure and make you a global leader of a movement to eliminate Crypto Currencies from the world economy.
Do you have the courage to take this step? I only pray God that you will get the strength to take this step.
Bitcoin is a menace worse than Drugs, that can destroy the country. Let us wake up before it is too late.
Naavi
Earlier articles on this website on Bitcoins are available here:
