The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use.
But:
Meanwhile, bitcoin adoption in India is rapidly growing especially in cities like Bangalore, where Unocoin, one of the largest bitcoin exchanges in the country is located. The company told Bitcoin.com that over 50 new merchants have signed up to accept bitcoin this month alone. According to a recent survey, professionals in most industries have heard of bitcoin, even though they have not used it themselves.
Solution?
Yes, the Indian finance ministry should support custodial coins over trusted networks. Then they have traditional access to private banking accounts, using warrants. But they need to concede the idea that all transactions report to the central bank. No special government code in the secure element.
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