Indian Govt’s “Blockchain not Crypto” Stance Highlights Lack of Understanding
It’s 2022 and here we are – I see it all of the time be it on the internet or in day-to-day conversations, people are still so uneducated when it comes to Bitcoin and cryptocurrency – and I guess I shouldn’t be surprised but it is frustrating. On that topic, here’s the status with the Indian government and it is just as bad
Indian government’s ‘blockchain not crypto’ stance highlights lack of understanding
“Many ministers in the ruling government have propagated false narratives against crypto without offering any evidence to back their claims. Sushil Kumar Modi, a member of parliament from the ruling party, has compared crypto to ‘pure gambling’ and called to ‘impose more tax on it so that the government can get revenue and people can be discouraged from investing in this volatile asset.’
The statement is a clear example not only of a lack of understanding but of a contradiction, in that he is talking about discouraging people from investing in crypto while believing it would bring more revenue to the government.
Sathvik Vishwanath, co-founder and CEO of Indian crypto exchange Unocoin, told Cointelegraph:
‘The government continues to see crypto as a betting and gambling alternative due to which they are only ready to support its technology but not tokens on top of it.’
It is important to understand the fact that crypto and blockchain are somewhat inseparable. Crypto tokens play a pivotal role in the functioning of blockchain projects and blockchain-based rewards.”