Re:India’s Central Bank Bans Regulated Entities From Dealing...
by starving_coder on Thursday April 05, 2018 @01:35PM
(#16767003)
With the alliance, Govt of AP is primarily aiming at integrating blockchain tech in to governance and that's that. Their vision is still perfectly aligned with RBI guidelines and will perfectly act as a case study for the rest of the states to follow should things fall in place. Not sure what "situation" are you hinting at.
Re:India’s Central Bank Bans Regulated Entities From Dealing...
by deft on Thursday April 05, 2018 @08:23PM
(#16770005)
People don't understand the EEA. They think it means "these partners will use the publicly traded ETH asset"
Re:India’s Central Bank Bans Regulated Entities From Dealing...
by pm90 on Thursday April 05, 2018 @12:09PM
(#16766172)
There are many bans in place in India but the law enforcement agencies infrequently enforce anything. There are building regulations that are flouted openly, environmental regulations that are frequently ignored. I don't think this would affect the black market as much.
Of course there is the other aspect that cryptocurrencies are probably not very well known yet to those that operate in the black market ...
India's biggest problem is unofficial economy and low tax base, and is trying to expand tax base and trying to get more and more people into formal economy. Cryptocurrencies are not really tax-base expansion friendly even if regulated. So this makes sense from the point of view.
The interesting part here is Government of Andhra Pradesh is a member of Ethereum Enterprise Alliance, so now how are New Delhi and "Amaravati" going to deal with this situation would be interesting.