Ban Bitcoin in India: Nonsense

A bill is expected to ban the use and circulation of private cyber currencies, leaving the field open for the cyber rupee this government is planning by the end of 2021.

By Jean-Pierre Chamoux.

Indian Prime Minister Mr Narendra Modi has just announced that cyber currencies like bitcoin or ether will soon be banned in India; and that the national currency, the rupee, will soon be circulating electronically.

A bill should prohibit the use and circulation of private cybersecurity, leaving the field open to the introduction of the cyber rupee envisaged by this government, towards the end of 2021.

Modi is used to the fact: his sudden ban on foreign exchange prolongs his decision of November 9, 2016, two and a half years after taking office in May 2014. His government abruptly withdrew the 500 and 1000 rupee notes from circulation. , on the pretext that these fines facilitate tax evasion.

The Indian Government: A Counterfeiter?

By paying off these bills, which were the savings of many modest families without bank accounts, Mr. Modi plundered a poor and often rural working-class population. This maneuver replicated the demonetization of the same banknotes that had been abolished in 1978 by its distant predecessor, Mr. Desai.

Mr. Modi’s expeditious method should surprise us: superficially, it is reminiscent of that of the Chinese Communists who brutally put companies, financiers and entrepreneurs under control and multiplied the ucasas of the central government. In recent months, the use and mining of any cybercurrency has been banned in China and bitcoin miners are sentenced to exile, especially to the United States, which is a shame.

China is not India

But India is not China, it is the exact opposite. It proves everything: they are hereditary enemies. In fact, India is a great and true democracy, active, enterprising, modern and inventive. But a democracy that carries defects inherited from its history: a huge bureaucracy plagued, it is true, of endemic corruption.

A gigantic country, this federation includes some thirty federal states and territories of a great variety, both in terms of population and geography, climate and development: 200 million inhabitants in Uttar Pradesh in the north; one million inhabitants in the territory of Pondicherry in the southeast; eighteen million people in the Mumbai metropolitan area in the west, the economic capital of India.

Although subject to strong religious tensions (between Hindus, Muslims and Christians, in particular), this great country is divided between castes and between various ethnic groups; many languages ​​are spoken there too. In short: this subcontinent is one of the most vibrant and ultimately the freest areas in the world today.

Support the glorious 1930s of India

Indian growth today (5 to 8% annually recently, despite the covid) is driven by a middle class that equals or even surpasses that of our Western European countries through their education, inventiveness and initiative: 80 to 100 million Indians, at a minimum, match or exceed France, Germany or Italy in terms of purchasing power, competitiveness and even well-being.

This is not by stealing the cash savings of its working population, as Modi did five years ago, nor by prohibiting its enterprising middle class from investing their savings in cryptocurrencies that could protect a portion of their assets against public currency inflation. that India will reactivate its growth.

On the contrary, such annoyances can only arouse civil resentment, cheating and discord, and this is not how Modi, the implacable Hindu nationalist, will overcome the difficulties of this huge and diverse federation that constitutes the largest free country and soon the most populous. country of the world today.

In closing, I take these words from the liberal economist Steve Hanke, who is hardly suspected of being in cahoots with the geeks who animate cyber-currencies:

By breaking trust in public money and its central bank, we are opening a boulevard to private currencies (like bitcoin).

So what fly bit Mr. Modi? Would you like to give lessons to your predecessor, Mr. Singh, an economist appreciated by global finance, who was not unworthy during the great crisis of the years 2007 to 2009, who remembers the memory of our Prime Minister Raymond Barre that the president Giscard d Estaing had publicly called “the best economist in France” in the late 1970s?

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