Black Money in India is more powerful than even Mr Modi. Hence banning of Crypto Currencies which means banning of Digital Black Money cannot be done easily by the Government even of Mr Modi or Mr Amit Shah would swear by National Interests.
Even Mr Mohan Bhagwat of RSS or Dr Subramanya Swamy are silent on the banning of Crypto Currency.
No body seems to have the guts to take Crypto Currencies by the scruff of its neck and banish it from India.
This week the Crypto Currency Bill in some revised form is expected to be presented in the Parliament. The Ministry of Finance would be feverishly working with all the Crypto Currency exchanges and the Corrupt media elements to draft it in such a manner that Crypto Currencies will continue to be an asset class which SEBI will regulate and IT department will tax.
I am reminded of the story of Bhasmasura in our mythology who was given a boon by Lord Shiva that he can destroy anybody by placing his hand over his head and Bhasmasura wanted to test it on Lord Shiva himself. Likewise, if Bitcoin and Crypto Currencies get the sanction from the Government in any form, it will be a boon with which the country’s economy would be destroyed. The current drop in the stock markets is not because of the Omicron but in anticipation of the approval to be given to Crypto Currencies in the Bill and consequent shift of investment from shares and other investments in the stock market to the Bitcoin and other crypto currencies.
We respect Mr Modi and Mr Amit Shah and their intentions to do good to India but we cannot underestimate the power of black money and just as Mr Modi retreated in the Farm laws issue, it would not be surprising if Mr Modi develops a cold feet in the Crypto currency regulation and yield to the power of digital black money.
One possibility is that the Bill will be referred to a Standing Committee and the issue would be shelved for the time being.
We are therefore looking out for a black day for India when Crypto Currencies are given a license to devour the legit currency and along with it the economy built by the tax payer’s money.
Hope I am proved wrong.
We sincerely urge Mr Modi not to be the Lord Shiva who gave the boon to Bhasmasura but Lord Vishnu who saved the world by destroying Bhasmasura in the form of Mohini.
Naavi
