India announces plans to ban most cryptocurrencies in new clampdown

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> paving the way for a new Central Bank Digital Currency (CBDC). but that’s no different from the rupee…


I doubt this “ban” is going to work at all in India. The Indian government is largely incompetent and corrupt and everyone in India knows it. Meanwhile, its private sector is extremely competent, and cryptocurrency technology is too useful for such a ban to be followed. There are plenty of things that are “banned” by the government but are still widely practiced, and if police give you shit for it, they can just be bribed and everyone’s happy.


Inevitable. Crypto is a massive scam. Anyone with a brain can see it’s going to cause a huge crash when all these dummies who put their life savings into it lose their butts. And it’s not like people haven’t been trying to warn them.


I imagine this is the government’s effort to clamp down on capital flight. That is, they foresee a situation in the near future where they expect the rupee to experience high inflation (or, devaluation relative to the US dollar) along with falling asset prices within India. If crypto were popularized in India, money would flow out of India and into “safer” countries/investments, making the economic situation worse.


Oh look. It’s that time of year again..