The government of India has declared Bitcoin a war. In the course are all available means

Weekend 1 BTC on one of the few kryptomere in India Bitbns reached 11300 dollars. The price on exchanges around the world have come down below 10800 dollars. This is partly due to government ban on bitcoin and the difficulty in buying bitcoins.

One of cryptoendoliths posted on Reddit a Manifesto.

Local cryptomeria allowed to work with the local Fiat currency. I received letters from all their banks prevent me from using cryptocurrencies. Thus two accounts were closed and the balance sent me a cheque in the mail. Peer-to-peer exchange for many local sites are completely prohibited, sellers of Bitcoin is hard to find — almost all keep the cryptocurrency on a paper or hardware wallets, or have long since brought all to foreign exchange. The government is constantly frightens the residents of a prison for the use of cryptocurrencies. As my financial Advisor, the cryptocurrency is equal to the forgery of foreign currency.

Recall, July 7 the Indian authorities plan to submit the billon which to buy, store, or mine cryptocurrency would be criminal. For this activity, you will receive up to 10 years in prison, without the possibility to be freed on bail.

According to reports, the initiative belongs to the former Secretary of the Ministry of Finance Halima Khan. As said Halim, “he sees nothing wrong with such law.”

The financial pressure on the society

Apparently, India continues to impose all new rules of financial regulation, as the Indian rupee continues to fall against the dollar and other currencies.

A quote of USD/INR as at June 2019

Interestingly, according to authorities, the high interest rates can prevent a fall in the value of the national currency. Now the rate in the country stands at 5.75 per cent per annum, while inflation in India has already reached 3 percent. The value of Fiat money depends more on public debt and the probability of repayment. In addition, the role played by the public demand for Fiat currency of the country.

By the way, India has a deficit account in the amount of 2.5 percent, as the country imports more than it exports. At the moment, its debt is $ 1.2 trillion and is growing rapidly.

In turn, high interest rate first, it increases the probability of default of the debt, secondly, increase the real supply of money in circulation. And both of these factors erode the value of Fiat money.

The problem is that government spends too much and redistributes too much savings of the poor taxpayers in the interests of bankers with a huge appetite.

However, the officials accuse of all the troubles Bitcoin, because it allows intelligent people to preserve their savings and not watch their rapid decline. And it’s sad, at least on the side that Bitcoin could be a great technological and the “cheap” hub, through which investors could send to India significant contributions to the creation or support of various projects.

Probably, the Indian government does not understand that Bitcoin is moving in both directions — from India and to India. At least, this technology allows numerous Indian freelancers to get paid for freelance work.

It’s funny that India is spending money on all sorts of restrictions and controls more than it receives in taxes. Officials want more control, and this requires more spending. In our cryptodata of hontarov you will find lots of other useful information.

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