With the amount of positive news coming out of South Korea, where the government and banking bodies are taking sensible and pragmatic decisions, I would like to discuss the scenario in India where the scenario is fast heading in the opposite direction.
Every single body in power, from the legislature to the bureaucracy and banking, seem to have an extremely negative and ill-informed sentiment about cryptocurrency in general. Various instances could be cited pointing in this direction, I am listing a few here, most from Times of India, which is the largest newspaper and news agency of the nation -
Bitcoin (and cryptocurrency in general) directly being likened to Ponzi schemes : https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms
The government sends tax notices to individuals ( to be taxed even when they haven't withdrawn their gains to fiat) : https://timesofindia.indiatimes.com/business/india-business/government-sends-tax-notices-to-cryptocurrency-investors-as-trading-hits-3-5-billion/articleshow/62570352.cms
Cryptocurrency is not legal tender: https://timesofindia.indiatimes.com/business/india-business/cryptocurrencies-like-bitcoin-not-legal-lawful-tender-arun-jaitley/articleshow/62340122.cms
The Reserve Bank of India (the country's central bank) keeps on warning people about investing in cryptos: https://timesofindia.indiatimes.com/business/india-business/rbi-reiterates-warnings-about-trading-in-bitcoins/articleshow/61936176.cms
Apparently trading is illegal : https://timesofindia.indiatimes.com/business/india-business/trading-in-bitcoin-ethereum-other-cryptocurrencies-illegal-says-arun-jaitley/articleshow/62339092.cms
Banks are freezing accounts of exchanges : https://timesofindia.indiatimes.com/business/india-business/lenders-freeze-accounts-of-bitcoin-exchanges/articleshow/62610793.cms
Even a neutral-positive report submitted by a committee is spun into a Media FUD : https://timesofindia.indiatimes.com/business/india-business/panel-examining-bitcoin-other-cryptocurrencies-submits-report/articleshow/62462107.cms
And finally, Registrar of Companies are not allowing crypto based companies to be registered: http://www.moneycontrol.com/news/business/cryptocurrency/noose-on-cryptocurrency-exchanges-tightens-as-roc-stops-registration-2488799.html
Other News outlets: https://www.ndtv.com/business/crackdown-against-bitcoins-ten-things-to-know-1796144
https://www.businessinsider.com.au/bitcoin-investors-accounts-frozen-big-four-banks-2017-12
https://www.finallyjobless.com/indian-crypto-exchanges-stop-instant-deposits-withdrawals-inr/
This is why the nation can never ride the wave towards growth and be early adopters of world-changing tools/tech/ideas. I am not spreading FUD: I believe in the blockchain and its successors and have no intention to scare people out of cryptocurrency. But it is extremely agitating/saddening to watch the largest democracy in the world with the second largest population take steps towards the dark ages.
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