Crypto India P2: Banking Banana Republic—What Banks Are For and What They Are Actually Doing!
Radical and disruptive forces in the financial sector such as cryptocurrencies are the need of the hour. As you can tell from my earlier post and the report I linked in it which hints that Indian banks are stalling the INR deposits and withdrawal on some discreet guidelines from RBI. This is exactly the reason why cryptocurrency is needed in a vast economy such as India.
Whose money is it?
Undoubtedly it is our hard earned money!
KYC and all relevant checks are in place if one needs to transact in our country. Trading transactions are always made from local bank accounts to local crypto exchange accounts electronically. No anonymous cash or cheques are allowed or accepted. Exchanges in India have exercised caution and to keep the transaction as transparent as possible.
Now enter the centralized third party like RBI-Reserve Bank of India in the scenario. They want to control every aspect and minute details of how we utilize our hard-earned money. They want to control where we invest, and what asset classes we are permitted to buy and those that we are not!
The way the banks discontinued their services to the crypto exchanges show the enormous amount of power they wield over our economic freedom or our choice to act as we feel right with OUR MONEY... What about our rights you ask? In India our rights are on paper only!
Thugs in Disguise
Our money is not bank's money! They are just custodians of our money. They just hold it for us as a middle man of trust. The money in its entirety is ours and our alone!
Banks in India now say that you can't transfer your money to an account of your choice within the Indian financial ecosystem? How messed up is that? What is the purpose of storing our income with them if we are not allowed to move it around as we please and invest in financial instruments that we believe in.
This is the reason why we need to have a decentralized, peer to peer currency system where the 3rd party is kept away from the equation. The banks are worried about citizens being scammed and criminal abuse stemming out of cryptocurrencies but how much of abuse with FIAT currency have they been able to curb?
We should be glad that governments like Japan have legalized cryptos as legal tender. Belarus has adopted a pro-crypto stand legalising cryptos, ICOs and making them tax free for 5 years.
These are few of the positive moves by some governments that today provide space and opportunity for cryptocurrencies to evolve within their economies. Some countries like China feel their sovereignty is threatened, while the feudalistic government in India wants to make its poor, poorer by day and keep them there! They want their total control over their citizens life and this desire for control is disgusting!
Regulations are different from how the IT raids and denial of banking services to genuine customers are being forced upon people. They are acts against our fundamental right to earn a honest living through legal, ethical and moral means.
Regulations are about forming guidelines as to how the crypto space should be governed or managed or even controlled. It is about evolving it into something tangible, and scalable for the masses. But, this blatant denial of service by banks is not an act of regulation in any sense!
Now that 1000s of crores of Rupees of people are in cryptos and if Banks close doors, some clever, resourceful and ‘jugaadu’ Indians will come up with some other means of transaction and the Govt will be left in no better situation with regard to this matter.
I hope that the centralized intermediary like banks realize that our world is changing at a blistering pace, and a fundamental paradigm shift is happening from trust to trustless basis of transacting value.
The Govt and Banks are perhaps aware of their losing grip over people's trust and are now resorting to arm-twisting tactics instead of facilitating a smooth shift to a trustless era.
I’ve co-authored this with my friend @topdog as these absurd moves from the banks echoed our sentiments against the corrupt forces that attempt to control us in India.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Thanks for this post @firepower!
"decentralized, peer to peer currency system where the 3rd party is kept away from the equation" YES! Exactly what we need.
It is a concern of mine about how to get the money out without having to pay "taxes", the system is corrupt! The banks and government want to take the money we've earnt and it makes me angry!!
@firepower have you heard about this?:
https://steemit.com/cryptocurrency/@hardikv/nuo-crypto-bank-of-the-future-for-emerging-markets-news-that-surprised-me
I am wondering how will this work in India, a bank for cryptocurrencies!
banks and the government has been enslaving the masses for an eon now, blockchain technology is giving back the power to people and its unstoppable.
Man this is totally absurd. Government and banks are so into looting people and taking power from the hands of people. Government just unsees all the extortions of the people by the banks. Be it how 1100 crores that SBI one of the top Indian banks extorted from people in revenge of Vijay Mallya who looted from them. Or how banks like Bandhan and SBI blocking ATM cards of its users in my state. Even many of my friends have their accounts blocked and are unable to make any transactions since last month. Is this how we are supposed to keep our money in these banks which we cant even use when we really are in need? This is more than disgusting.
Its really pitiful when top social medias like 'Facebook' talk about introducing blockchain and cryptocurrencies in their platform, Even top Indian telecom brand 'Jio reliance' realizes potential of blockchain and is planning for 'Jiocoin' our government is too conservative, and also jealous of what its people have earned with their hard and smart work.
Will Ripple be the coin that is used in India? your thoughts?
The problem with XRP -- and I'm a big fan -- is that you need banks and multinational corporations to use it before anybody else will. It's big feature is convertibility -- you can convert to any currency instantly with no settlement risk, almost no fees, and almost no chance of the value changing after you request funds.
BUT the company that created it only takes institutional clients. You and I can buy from exchanges and hold in wallets (20 XRP min), but we can't transact with it. Except between each other.
If banks and multinational corporations use XRP, it will explode. It'll be everywhere. Will those entities like the convenience of using XRP? Will they appreciate the small discount Ripple gives them?
Or will they just as well decide to use the Ripple protocol and create their own bank- or business-specific tokens. Or just do everything themselves?
In that case, India will more likely be drawn to coins that focus on direct p2p will be the coins of choice (e.g., Dogecoin, Litecoin, ETHlend, etc) for general commerce. But who knows?
After this time the national currency will be transferred to the virtual currency and payments will be made over the virtual money.
Great post thank you for sharing
Thank you for that information
following you ♥
blockchain technology was able for a huge Folders of record and crypto become the next generation of money.
The banks and governments are really worried because of the way crypto grew massively last year.
They are trying to do all their best to keep it at bay but they can't.The more people are suppressed,the more they will look for an alternative.
The alternative is crypto and it's decentralized,a few years from now,banks will loose out to crypto.
It is really tough being a crypto person in India now,keep fighting and educating the masses about crypto and Steemit.