On the Bitcoin trading platform Bitbns, the price of Bitcoin is 7,97,963.41 Indian rupees (INR), which is about $11481.4218. Bitbns is one of the few cryptocurrency trading platforms in India that can still buy and sell Bitcoin.
(Bitbns bitcoin price, image source: Bitbns )
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As of press time, the average price of Bitcoin is about $10,852, and there is a bitcoin premium of over $600 in India. This may be because it is difficult to buy bitcoin in this country.
India or the most stringent cryptocurrency regulatory policy in history
An Indian cryptocurrency enthusiast said:
“The government has banned all international transactions related to cryptocurrencies. Local exchanges have banned currency transactions. My bank has notified me not to buy cryptocurrencies. My two bank accounts have been closed and the remaining funds are sent by cheque I am at my house."
Some local P2P systems have been completely shut down because there are no sellers, as most people have already transferred cryptocurrencies to paper wallets, hardware wallets or overseas exchanges.
The government is constantly asking people to give up holding cryptocurrencies, otherwise they will face jail time. He even said that buying cryptocurrencies is equivalent to falsifying foreign currency.
A bill that will be filed and stamped on July 7 will treat the purchase, possession of cryptocurrency or mining as a criminal offence, and the offender will be sentenced to 10 years imprisonment plus a fine.
When former Finance Secretary Haleem Khan was recently asked about his views on a draft, he said that the bill had already provided for 10 years in prison for counterfeiting currency crimes.
"I don't think there is anything wrong with this approach," Khan said, and people are increasingly worried that India is moving towards a thorough dictatorship.
According to Reuters, Reddit and Telegram were recently blocked in India: "In recent months, Reddit discussion boards, instant messaging service Telegram and comedy site College Humor have been blocked for a while, usually for a few days, and Limited to some areas."
It seems to be difficult to use a PayPal account, and there are reports that Citibank India Branch has blocked PayPal payments.
Bitcoin opens financial freedom
As the exchange rate of INR against the US dollar and other currencies continues to fall, it can be seen that India has implemented capital controls.
Interestingly, they believe that high interest rates can prevent currency depreciation. At present, India's inflation rate is 3%, and economic growth rate has dropped to 5.8%.
However, the value of fiat money tends to depend more on the level of government debt and the likelihood of being repaid, not just on demand.
Demand usually comes from selling goods and services to others, which means they must sell their legal currency and buy your legal currency.
Taking into account these factors, India's account deficit is 2.5%, because its imports are greater than exports, and 1.2 trillion US dollars of debt is growing rapidly.
On the other hand, high interest rates both increase the likelihood that the government will not be able to pay its debts and increase the “real” money supply. Both of these reduce the value of legal tender.
The problem, therefore, is that the government spends too much and redistributes too much wealth from poor taxpayers to bankers who ask for interest.
However, they blame Bitcoin because Bitcoin allows wise people to maintain their wealth rather than watching it depreciate.
This is unfortunate because, as a "low-cost" technology, Bitcoin can actually send large amounts of money to India, allowing investors to build a variety of projects.
Bitcoin is a two-way flow. For example, if someone wants to pay freelance pay in Bitcoin, it will flow out of India and flow into India.
Considering that there are reports that India has implemented very strict capital controls, Bitcoin may actually be a convenient way for Indians to transfer and transfer funds.
However, this may impose limits on the spending of the Indian government, limit its tax revenues, and at the same time limit the bankers, after all, they want interest rates to be higher and higher.
A freelance writer in India said:
“Five years have passed, we have a better understanding of the 'New India' created by Narendra Modi. It seems to have returned to the beginning again: cultural inferiority, rational emptiness, emotional contusion, vanity, pain, conceit, eternal indignation and ruthlessness. Maliciousness; in this illusory land full of lies and hypocrisy, blind obedience to religious minorities is one of those self-pity majority strategies, and they are disappointed that the Prime Minister failed to improve their economic living standards."
This is a severe criticism of a country with poverty problems. The country lacks education and now lacks financial freedom.
From this point of view, Bitcoin has a premium of nearly $600 in India. Is this crazy? Perhaps not as good as its crazy policy.