This week, India's Supreme Court, cryptocurrency banks in the country or other supervised lenders were prohibited by the reserve bank.
In April, the Reserve Bank of India banned banks from trading in the country for 3 months. The Supreme Court, any of the employees of the central bank whether a manual is available; blockchain and a cryptographic do not research even if it accepted, India supported the Reserve Bank's ban.
Nevertheless, the cryptocarpes were removed from the hands of Indian authorities, which removed the cash from the economy and digitized the entire currency and realized the world's largest IT project.
At the same time, the Indian currency Rupi; The developing countries against the US dollar were among the worst performing currencies.
How does India follow China on economic regulations?
The most promising markets in any sector appear to be India and China, whose total population is more than a quarter of the world's population.
We know that China bans all cryptocrosses and follows the sector from the outside. Making money abroad citizens are authorized to control the capital on their capital. For this reason, the citizens have the authority to intervene directly in all exchanges in the stock exchange. contradict sees it as a tool for.
India was not seen in the same way so far. However, in the current landscape, India's stance against the economy seems to have passed China's.
Use all over the country prohibit the In the case of China the world's largest cryptopara miner not surprising. The Chinese government is also benefiting from the intellectual property of companies that are trying to strengthen the digital Renminbi (RMB) currency throughout the country while mining.
India Considering Making Its Digital Currency
India, which has hampered its economic situation in the last century due to the bureaucracy, has seen an improvement in its recent economic growth.
It is very difficult to deal with 250 million people who are not affiliated with the bank and to break the black market in the country. Therefore, the government is the first in the world digitizing the entire economy He's on his way. Thus all cash in the country at once be able to destroy.
They will transfer all citizens' money, identity and social security to a card for this big project. The name of Aadhaar for this card in which the retina and fingerprints will be found biometric tracking system They developed.
The Aadhaar card will cover all movements of the person and from flights to train tickets, phone number and life insurance. operations and information will be under follow. From August, the taxpayer of the government's social media accounts to Facebook and Instagram information compare lifestyles with tax payments so that tax evasion prevention They will work.
China has already cashless economy system. Mobile payment applications such as WeChatpay and Alipay continue their operations.
About mobile payment China, which is one of the world's leaders, offers all kinds of transactions such as eating from the roadside breakfast points, paying bills, ordering food from the internet and checking credit accounts. only mobile phone over On it. Mobile phone payments only in 2016 $ 5 trillionfound this figure is twice as much as 2015.
As a result..
India's Aadhaar card, crypto and clearly the government is defending against threats to this gigantic project. Although it is among the fastest growing countries in the past decade, very good population distribution and young population India with still with poverty, ineffective studies and brain drain Facing.
India's highly skilled engineers and IT graduates with millions of brain drain trying to emerge from the developing country's economy return to the country balanced and to a healthy economy should have.
Source: currencytimes