India’s Central Bank Bans Regulated Entities From Dealing In Virtual Currencies
Anyone who want&#x27;s some insight&#x2F;context into India&#x27;s economic regulatory environment from which these controls came from should watch this (2 part) video:<p><a href="https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=hVwIZzGHxwc" rel="nofollow">https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=hVwIZzGHxwc</a><p>There&#x27;s a crazy amount of regulation and paperwork for even the most benign business. And much of it differs as you go between the different areas, so businesses that have to say transport goods from Mumbai to New Delhi may have to stop 4-5 times to fill out each regions regulatory paperwork.<p>It&#x27;s really not surprising to such a top-heavy state being wary of something which seems like it can&#x27;t be as easily controlled top-down. Which we saw with the &quot;banning&quot; of those paper bills - which had a significant negative impact on the economy, as much of the economy manages to function <i>in spite</i> of those rules, large by side stepping them.<p>India will never catch up to China&#x27;s growth unless they clean up this mess. And even beyond growth, it benefits no one to have so many businesses feel the <i>need</i> to completely bypass all the rules because they are so bad ones in between the good.