Dear PM or PMO staff
Banning Indians from holding Crypto Currencies will tantamount to Crime Against Humanity if successfully done. The leadership resides with PMO and sitting PM. He is doing great damage to the population if they are not allowed to buy and hold crypto currencies/assets
Here are a few suggestions that can help
1. As a currency, Citizens of India allowed to hold bitcoin and buy them but illegal to sell within 5 year period if held with exchanges from today to encourage long term participation of what is termed as digital gold. India was super power in ancient world because it has largest “private” gold reserve.
2. All cryptos that are not decentralized come under purview of regulators like XRP was handled by SEC
3. Crypto exchanges operating in India to have same reserve requirements as brokers in legacy financial institutions do so as to avoid incidences such as Mt. Gox.
4. Hardware wallets banned until they pass tests created by RBI
5. Bitcoin Core and other full node based projects for crypto encouraged and not limited to research institutions as stated in the bill. Innovation comes from people who are young and not old PhD students waiting for a stipend. Crypto is taking away massive talent from Silicon Valley. PM met Mark Zuckerberg who started Facebook in First Year of college. Next Mark Zuckerberg won’t start Facebook, it would be on crypto.
6. PM may distance himself a bit from those praising “blockchain” technology. It’s a really bad meme. In the end, there would be only one dominant public blockchain, its name is bitcoin in our current estimation. I can help PMO get in touch with experts known as “Maximalists” and form a more balanced view. As stated earlier, the act of keeping populous away from bitcoin would be crime against humanity. Rajiv Gandhi was praised for Personal Computers; PM would be praised for crypto revolution.
7. A limitations can be put whereas there is a cap on holding more than 1/4th of a bitcoin on exchanges and excess bitcoins or part thereof (termed: Satoshi) to be held on a private wallet to discourage short term behaviour.
8. It is counterproductive to try to tax crypto, the “wealth effect” alone would make government and nation as more prosperous.
9. As PM stated in his speech today: a) New World Order is emerging. b) We can’t be afraid of change. Any road of Technological supremacy goes through Bitcoin, this is not a matter of dispute among the learned.
10. RBI buying Bitcoins or Ministry of Defence using supercomputers to accumulate bitcoins for future currency reserves is an internal matter of government of India, it is surely recommended. Yet holding bitcoins should not be limited to Government of India like issuance of currency, where the whole system is very much capable to be managed by simple math without centralised intervention, stated purpose of RBI. Private holding of Bitcoin is a human right. Let’s not bring shame to the country by following the insidious advice of foreign vested interests. Beware
With Warmest Request for an Independent Review by PM himself