India proposes law to ban cryptocurrencies, create official digital currency

Re:India proposes law to ban cryptocurrencies, create offici... by dschnurr on Saturday January 30, 2021 @11:56AM (#25970656)

Gov-supported digital currencies would mostly streamline things and replace existing bloated and slow programs. Imagine the current stimulus situation – instead of sending checks to people they could just press a button and immediately send credit to all citizens that have a certain account threshold or income rate. Currency units could be earmarked for certain retailers (i.e. food stamps, education, etc).

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Re:India proposes law to ban cryptocurrencies, create offici... by gus_massa on Saturday January 30, 2021 @12:54PM (#25971208)

It's just a mandatory account in a National Bank[1] for everyone. With a debit card or an app in the phone, it's almost as good. The real question is why they need a new currency instead of using the current one?

[1] I don't know the name. Here in Argentina we have a "National Bank", and also the "Central Bank" that is somewhat like the Federal Reserve, and a few other national banks that are privatized and nationalized back from time to time. Also each Province has it's own bank. (And there are also private banks.)

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Re:India proposes law to ban cryptocurrencies, create offici... by wtmt on Saturday January 30, 2021 @01:17PM (#25971420)

There is no need to send checks to people unless it’s required for keeping records or purposes beyond money transfer. India has quite an advanced banking system where quite a large sum of money can be transferred in mere seconds or in several minutes round the clock anytime of the year from any bank to any other bank.

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Re:India proposes law to ban cryptocurrencies, create offici... by whiddershins on Saturday January 30, 2021 @12:09PM (#25970774)

Press a button and instantly deduct a new tax from my bank account as well.

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