Indecision as a result of the Reserve Bank of India directive on crypto

svkrulze (52)in #indiaunited • 7 years ago

This is going to be a short post. This is a post about the indecision and confusion I am facing for the last couple of days.

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Reason for my Confusion

As many of my readers may already be aware, the Reserve Bank of India (RBI) has asked all banks, e-wallets and payment gateways to stop facilitating any transaction related to crypto-currencies with immediate effect. There is a deadline of 3 months for those entities which are currently providing these services. A detailed circular will be sent out to all regulated entities in some time.

This means that conversion between crypto and fiat will effectively stop once this directive comes into full effect. No one will be able to invest in crypto or withdraw crypto profits into banks.

This is a huge blow to the Indian crypto ecosystem. Without outright outlawing cryptocurrencies, they are creating an environment where investors will not be able to invest in this new asset class.

There is a possibility of RBI issuing a national crypto-currency in some time.

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Confusion & Indecision

I have been very committed to Steemit for the last few months. I have come to love the community here and made many friends. While I don't at all like some aspects of this platform, but it has largely been a pleasant experience and my interactions here have opened up the world in front of me. First time ever, have I been so closely talking and exchanging ideas with such a cosmopolitan community from all across the world. People also have started to appreciate my work here.

I am sure most will agree that Steemit has made them better and more accepting human beings. Because of this, I will continue to be here on Steemit.

But...

When I joined Steemit, the primary objective was money. I did not know about the community or what goes on here. Whether people agree with it or not, the raison d'être for Steemit's success is that people can earn from here.

Now that this incentive no longer is available to me (at least for the foreseeable future until the regulatory situation changes for the better), I do not know how much time I should spend here going forward.

I have other projects which I had been postponing due to my engagement with Steemit, now is perhaps the right time to focus on those.

Till now I have been trying to post one article a day and read and comment on as many posts as possible. Should I change that? You may think, this guy is only here for the money, but it really is not that.

Everyone is here for a reason. The reason is to make money, but in doing so make the world a better place. That's how capitalism is supposed to work. There's no harm and no shame in that. But when that opportunity for earning goes away, how do the stakeholders react?

I think all Steemians from the Indian community are going through the same dilemma. Of course, we can continue to stay invested here and wait out this situation. But there is no certainty that things will change in the foreseeable future.

Steem earnings can perhaps be used for services and products when Indian Steemians travel abroad. But why should that be the case? Why should we not have the choice to use our earnings the way we want, when we want?

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Parting thoughts

I am so pissed off that I am not even feeling like adding pictures to my post. The one at the top has been added just because one image is kind of mandatory for the thumbnail to work.

I thought this would be a short post, as I did not want to spend much time, but here I am. Again writing a longish post.