Slashdot Mirror
India Vows To Eliminate Use of Cryptocurrencies in the Country (hindustantimes.com)
India will move to stamp out use of cryptocurrencies, which it considers illegal, country's Finance Minister Arun Jaitley said on Thursday, launching a no-holds-barred attack on virtual currencies such as Bitcoin. From a report: Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March. "The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system," Jaitley told parliament in his annual budget speech. However, the minister said, the government would explore use of block chain technology proactively to speed the move toward a digital economy. Jaitley's announcement could trigger "panic selling" in cryptocurrencies in India, said Amit Maheshwari, partner at tax consultants Ashok Maheshwary & Associates LLP.
Yup.
Reminds me of a quote:
"The more you tighten your grip, Tarkin, the more star systems will slip through your fingers."
B) Eliminate all the stupid users. This is frowned upon by society.
Near instantaneous for almost zero fee, congratulations you've described everything everyone already uses.
from 1933 to 1975, when they got the US off the gold standard and onto fiat currency. Whether cryptocurrencies are viable long-term, I couldn't tell you, but governments HATE not having a monopoly on stores of value.