India to propose cryptocurrency ban, penalizing miners, traders: source

Nobert said:
For which purpose ?

I bet goverments have nothing against it being a store of value & as they said, nothing against tech as itself.

Thus why banning ?
Probably all of the shady stuff.
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It cannot be seized without your private key. No bank can be compelled to hand over the money to the IRS or a creditor or as the result of a judgement. It cannot be garnished. In cold storage it is rather difficult to steal.

India would have to do what the US is doing which is to surveille the on/off ramps and use blockchain analysis to attribute wallets and transactions to identities. Maybe they don't have the resources to do that so to them it just looks like a competing currency with poor ability to compel disgorgement or otherwise track assets.
 
This particular news item doesn't change anything. Yet, given that BTC investment thesis relies on its "going mainstream" and forced buying from institutional money, the insouciance towards official bans by major country governments is pretty striking.
 
Last month alone 6.4 billion tethers were printed, that is 200plus million per day. This is how we got to 60k and not that going mainstream BS.
 
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