[Indian Economy being killed for the sake of Crypto Currency survival]
According to earlier reports, the Crypto Bill was expected to be discussed by the Cabinet on 15th/16th December 2021. So far there is no information and it appears that, the Bill was taken out of the agenda under the pretext that it requires further improvements.
It is clear that the Ministry of Finance is not interested in the Bill and hence they are unlikely to declare completion of the work. There will be one excuse after another to postpone the presentation of the Bill until the Government surrenders to the digital black money.
We refer to the report in Moneycontrol.com which provides some information on the developments.
It is also stated that the scope of the bill will be expanded to include regulation of Non Fungible Crypto tokens. (NFTs) This will further assist conversion of white money into black money and create value out of thin air.
Even if by a provision of law use of “Crypto” as “Currency” would be prohibited, once the concept of Crypto as an asset is permitted, there will be ways of tokenizing the crypto asset which is used as an exchange medium. The investments which are today in the stock markets will shift substantially to Crypto assets. This will also give a boost to creating representative Crypto tokens which may be traded. SEBI is known to have already been compromised on the Crypto issue and the attempt to remove RBI from the control is only to ensure that the only opposition to Crypto is eliminated.
If Crypto is allowed as an asset and traded then it will be not long before we have tokenized assets replacing the stocks or Commodities in the market. Instead of buying L& T shares, we can create a Virtual L&T and trade its parts. These crypto L & T bits need not be backed by any revenue or income and still they will command a premium since there will be an artificial scarcity created through the algorithm.
We are presently hearing of Virtual Taj Mahal as a tradeable asset. Tomorrow there may be a virtual Ayodhya, Virtual Kashi, or Virtual Mathura or a Virtual Kashmir. Imagine the potential of Virtual Kashmir which can be sold and made into a tokenized currency to get global money to fund terrorists.
It would also not be unthinkable to see creation of even a “Virtual Modi” or “Virtual Sachin” or “Virtual Amitabh” as a tokenized asset.
If for example, a logarithmically controlled limited version of “Virtual Modi Crypto Asset” is created and say there will be only 100o original replicas which can be issued as an ICO in a competitive bid with a base price of USD 1 million, then it will surely be bought by some investors. Subsequently they may be resold in smaller units. 1000 original Virtual Modi Cryptos can each be divided into a Million Modi Crypto bits and we will have 1 billion Modi Crypto asset bits to be traded. They can be traded in the stock markets for thousands of rupees/dollars like the Bitcoins of today. They will be bought both by Modi Bhakts and Modi haters for different reasons.
These thoughts may look crazy for the time being but these will certainly happen in the days to come if private Cryptos are given even a small legal opening. (Similar concepts are already available in Virtual Cricket games). Fraudsters and Scamsters will therefore have a field day if Crypto Currencies and NFTs are made legit investments.
It appears that India may win against the Pakistani Terrorists and even the Chinese might but it cannot win the war against Black money. The Crypto currencies and the NFTs are the weapons with which the economic invaders will humble the legit economic systems in India in the days to come.
If we want to protect the country’s economy from going to dogs, we need to say no to all forms of Cryptos and particularly the Private Crypto assets/currencies.
We pray that Lord Kashi Vishwanatha give courage to Mr Narendra Modi to take on his most powerful enemy namely Black Money in India.
I request Mrs Nirmala Sitharaman to raise above the fear of the unknown and kill Cryptos once and for all. Let India be the global leader in destroying the Crypto currency world. Kindly not be misguided by vested interests who talk of Block Chain as an inevitable technology to sustain the argument for Crypto Currencies. The two can be separated and we can kill Crypto assets without killing the Block Chain technology.
Even the need for official currency is only a cover for keeping the concept of Crypto Currency alive. It makes no economic sense to have an official Crypto currency replace the current virtual currency system we have .
I hope the Cabinet members of Mr Modi’s cabinet show their political willingness to take on the Crypto currencies.
Otherwise we will have only one conclusion that even Mr Modi was powerless against the digital black money and reconcile in anguish Et tu Modi?
Naavi
Also see: NDTV report
