If India (or any government) decided to adopt a digital currency, why would they back it with something that is so substantially owned by outsiders.

and it doesn't even fulfill its purpose if it's as volatile as bitcoin

The current world order is predicated on another technological stalemate, akin to blockchains but far more dangerous: the nuclear bomb. If bitcoin manages to make the world's powers compete about who is going to control it, it will have won the world: the world's most stable, and precious currency.

IIRC Srinivasan recently said he has moved to india/singapore. So it makes sense for him to take his brand of optimism to india.

Why specifically India? Multiple nations should be adopting digital currency. Europe for example is pushing for a digital Euro[0]

[0] https://www.ecb.europa.eu/euro/html/digitaleuro.en.html

There's been political winds blowing there over enacting certain prohibitions on crypto activity (again), Balaji makes reference to it early in the essay.

The claim that using bitcoins will prevent deplatforming doesn’t really make sense. If I’m reading the argument correctly, the author wants to avoid financial sanctions (eg in times of war) and his claim is that a crypto currency could prevent that. That seems... incorrect. Cryptocurrencys in fact have all transactions publicly accessible and it would make it easier for eg the US to trace who is breaking such sanctions.

Oh please! Bitcoin is a scam. Full stop. India should arrest this man. Worse than Corona!

I wouldn't take Balaji serious, remember nearly a year ago he was supposedly the overnight coronavirus expert and "wins" arguments with journalists by pointing out how much money he makes: https://twitter.com/balajis/status/1252409386451922946?s=20