Welcome back guys to another episode of
Hinglish Investor, where you get all of
your latest crypto news coming out of
the country of India. So make sure you
Subscribe to this channel and make sure you
follow me on Twitter. And let’s get
started. On this episode – Tim Draper
further talks about his opinion on this
latest cryptocurrency regulation bill
that has been formed by Subhash Chandra Garg
and his committee, the inter-ministerial
committee (IMC) and Subhash Chandra Garg is now
considering retirement. He no longer wants
to work in this committee that he was
made head of. And finally once again the Supreme
Court of India delays the hearing for
the writ petitions that were filed against
the Reserve Bank of India’s ban. All that
and more on this episode, so keep
watching. This is the first article that
I want to discuss on this episode and
it’s just Tim Draper giving further
comments on how much he hates what he’s
hearing coming out of India.
How much backwards he thinks this new
legislation if at all it does become a
law will be. And the fact that the Indian
Govt needs to become a bit more
embracing with cryptocurrencies to say
the least. It would be much better for
everyone
potentially in India if they stopped
hating cryptocurrencies and embraced it
as a new technology that they can
further help to develop rather than just
becoming a road block on it, and rather
than making things worse for themselves.
So the comment coming from Tim Draper
was that it’s akin to the Luddites.
I don’t know how to pronounce that
properly but Luddites are basically
people who are against the development
of new technology against
industrialization. Tim Draper also
mentions that basically the Indian
Government is saying that we will not
tolerate progress and it’s going to set
them back 40 years. I don’t know if I can
agree with 40 years I would say maybe 20
years. Imagine if they did this with the
internet. It seems as though they are
clinging to the power instead of
thinking of the good of the country. This
move shows that Modi has not yet rooted
out corruption in the country. It lives
on in his own Government. The people that
were in charge of forming this draft
legislation forming this advice that has
now become an
official advice to the government of
India they were a mixture of finance
guys accountants and lawyers and these
guys will most likely not be able to
appreciate cryptocurrencies as a result
of their background. Once again this
article does highlight that if India
wants to become a superpower then it
cannot just ban new technologies it has
to embrace them, it has to help develop
these future technologies because a lot
of people that work on new emerging
technologies in the world come from
India. So if India as a country itself
does not embrace these new technologies
then it’s clearly going to have a brain
drain issue. Most of the people that are
intelligent enough to do something in
technology – to be entrepreneurs in
technology, will just have to leave the
country and that’s very unfortunate when
it comes to the country of India and its
future development prospective. So anyway
let’s move on further to the next news
article, and this is something that I
found interesting. The Indian politician
who favored Bitcoin regulation quits the
finance ministry. Now this is very likely
this is a result of reshuffling by the
BJP Government because they come back into
power and very likely they want to
replace those old guys with new guys. I
mean even the finance minister has been
replaced, although that was due to health
issues they have mentioned (we don’t know
the truth to be honest). This Minister who
was in charge of the crypto regulation
or the crypto advice to the government
he was asked to be transferred to the
Ministry of Power but just one day later
Garg applied for voluntary retirement
from service with effect from 31st of
October, so that’s very soon. It’s also
possible he realized that he’s not going
to be popular in the future if he
continues becoming a hindrance to
cryptocurrencies in the country. So we
all know and as the Business Standard
has explained Garg was in favor of
regulating Bitcoin in India and if we
look up his recent tweets he was clearly
favoring outright banning
cryptocurrencies & outright banning
Bitcoin. And becoming basically a
roadblock to the development of
cryptocurrencies in the country. That’s
what he was favouring.
That was his position. And very soon
after just four days after that tweet
regarding banning cryptocurrencies that
probably made him very unpopular very
quickly he tweeted that he has now
applied for retirement from the IAS –
that’s the government services body in
India. He will no longer be an advisor on
cryptocurrencies when it comes to the
government of India. This might be good
news that might be pretty bullish, but we
do need to also see who replaces him if
there is anyone that’s intended to
replace him. It could go both ways. We
really need to see what comes out of
Indian government in the near future. And
the final thing that I wanted to discuss
is that the Indian Supreme Court sets a
new date to hear the crypto case and once
again this was the writ petition that a
lot of supporters of cryptocurrencies in
the country of India had filed. This
banking restriction made a lot of people
in the country of India unhappy. A lot of
people do want to take part in
cryptocurrencies,
if not cryptocurrency related businesses
and the RBI banking restriction suddenly
became a massive hurdle in all
businesses related to cryptocurrencies
in the country. As is very common in
courts in India it was delayed so once
again we have to wait until the new day
and for now that’s the 29th of July. But
there’s no guarantee it will be heard on
the 29th of July. As is very common these
things keep on getting delayed. So once
again you’ll be sure to hear the latest
news when it does come out of India on
this channels. Do check out my latest
episode on CoinSpice where I discuss
what peer-to-peer services are and how a
lot of people were able to circumvent
this RBI banned from participating in
cryptocurrencies and they were still
able to buy or sell cryptocurrencies in
the country and how a lot of people are
sending money abroad as a result of this
ban and as a result of this very bearish
sentiment going on in India. So that’s it
for this episode guys. I hope you found
it useful and enjoyed it! Do make sure
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have a lovely week!