🔥INDIAN CRYPTO BAN BILL – Backlashes On Twitter! 🚨


Welcome back guys to another episode of
Hinglish Investor! There have not been any
more significant updates on that bill
that I just discussed in the last video
however there’s definitely been a lot of
talk on Twitter! There’s been a lot of
talk in the news and I think finally
people are catching up with the news and
catching up with the leak of that bill.
We will discuss it in detail when we hear
official news from the Indian government.
But so far on the news and Twitter we’ve
just been hearing comments from various
people various proponents of Bitcoin. The
leaked document brings about quite a
negative sentiment coming out of the
Indian government and Tim Draper who’s a
massive proponent of Bitcoin (you might
have seen him wearing a Bitcoin tie in
the news) and he’s also a supporter of
Tezos (which is something that I don’t
personally have much of an opinion on).
Tim’s tweet was that “People are behaving
badly in this government banned Bitcoin.
A currency providing great hope for
prosperity in a country that desperately
needs it. Shame on Indian leadership.
Pathetic and corrupt. #India and
#Bitcoin. Nopw I think it’s pretty
clear that Tim doesn’t understand that
this bill is not yet a regulation. not
yet a law. It’s still potentially just a
bill if it is a real bill. This is
something that the Parliament is going
to discuss and it might change its mind
on. There’s always that possibility. But I
have to highlight something that I’ve
noticed and that in a country with a
population of 1.3 billion (that’s a lot of people) there’s
really not much talk going on around
this regulation, around this bill. Most of
the comments happening on Twitter in the
news are coming from people outside of
India. Now there are, I must mention, there
are discussions going on on Twitter but
these are mostly from the owners, the
CEOs, the COOs and the cofounders of
exchanges that are based in India. Most
of these comments are from people that
have skin in the game from cryptocurrency regulation in India. And
actually there’s not much known. I don’t
know if people actually care about this
sort of news but definitely the rest of
the world is noticing and it’s something
that the Indian people need to be aware of
in my opinion. If the Government is
seriously considering this bill to be
discussed or passed as a regulation it’s
something that people really need to
know. Now India defines itself as a
democracy and my opinion about democracy
is that fine, a lot of people believe
that democracies don’t work. You have to
have political parties that go around
passing regulations that not everybody
agrees with. However my opinion is that
the people should at least be aware of
the things that the government is
discussing. The things that the
government is thinking about especially
in India where you have a government
that does not necessarily even
understand what cryptocurrencies are.
That does not understand the benefits of
cryptocurrencies. So really there needs
to be much more open and transparent
talk regarding these sort of bills, these
sort of regulations in India from the
people of India. And that’s something I’m
not seeing so far but hopefully this
changes in the near future. We really
need to see more legal opinion about
this bill. The statements that it’s made
regarding cryptocurrency the definitions
and how it will impact everyone and how it
will impact the crypto traders, the
Bitcoin traders, Bitcoin HODLers and
everybody else. And the person that
originally leaked this document on
Scribd, a blockchain lawyer called Varun
Sethi, has indicated something quite
interesting. “This makes any and every
information with or without
consideration a very debatable thing as
long as it is cryptographically stated. I
don’t think that the notion of the
government was to stop cryptographic
messages information and codes. why
because it forms in a part of our
private conversations.
If that is to be banned then this
proposed document, an alleged bill will
have repercussions which may be very
serious.” So anyway guys, Varun is
highlighting the fact that this bill is
open to so much interpretation. Actually
a lot of people around the world on a
daily basis use end-to-end encryption
for messages, for messages on whatsapp,
messages on telegram and also emails, if
you use Protonmail. And once again
encryption services are there for a
reason. They’re there to protect our
privacy from prying eyes, from thieves,
from the government, from people that we
don’t want to be reading our emails our
messages and all of our personal
information. I seriously do not believe
that the Indian government wishes to
become an all-controlling regime where
nothing encrypted is actually allowed;
where you have bans on things like
YouTube, Facebook, Google. Like what China
is doing right now now this is seriously
a possibility. Especially since the same
political party has now come into power
for a second time. They will definitely
have more confidence regarding what
they’re doing. When it comes to new
technological innovations, new
cryptographic innovations, new
innovations regarding digital currency,
financial technology, then really we need
to be confident that the Government
that’s in power actually knows what
they’re doing. And if that’s not the case
there really needs to be a discussion
between the Government and people that
do understand – between lawyers, between
FinTech professionals,
between just basically the general
public in India. And that’s something I’m
not quite seeing right now. Maybe
there’s a lot going on behind the scenes
that we don’t know of, that I don’t know
of, however we can only hope that the
Indian government does start to actually
understand what it’s saying and the
implications that it might have in the
longer term. Well that’s it from my side
for today I hope you enjoyed this
episode. Make sure you hit the like
button, the subscribe button and the bell
button. I do post often on Twitter so
make sure you’re following me on Twitter
and thanks a lot for watching. I’ll see
you next time!

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