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Comment by Zenst | Hacker News Reader

It is worth noting that the initial ban predated by a couple of months to when they replaced all currency bank notes : https://www.bbc.co.uk/news/business-37906742

It had also removed higher value bak notes two years prior: https://www.washingtonpost.com/world/2018/08/29/india-replac...

Both initiatives born out of curtailing criminal activities of various kinds at the time.

So the crypto ban happened during this period and may well of been born out of that initiative against crime more than anything else and now that things have settled down, the need for the ban became moot.

At least that is my thoughts upon this.

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> Both initiatives born out of curtailing criminal activities of various kinds at the time.

It is a well-accepted fact that demonetization was a sham at best, a scam at worst.

> So the crypto ban happened during this period and may well of been born out of that initiative against crime.

Again, what peculiar crimes exclusive to India are you alluding to that are suddenly extinct now? The ban was lifted because a successful court petition ruled the government is paranoid at best and out-of-touch with reality at worst wrt crypto.

At least, that is my thoughts upon this.

>Again, what peculiar crimes exclusive to India are you alluding to that are suddenly extinct now? The ban was lifted because a successful court petition ruled the government is paranoid at best and out-of-touch with reality at worst wrt crypto.

I wasn't alluding to any particular crime and the article does mention some forms, though perhaps better explained by: https://www.bbc.co.uk/news/world-asia-india-37974423

As another reply outlined, this did not impact the organised level of crime and only the middle class and below, as sadly most initiatives seem to effect, however well intended.

The article you cite was written just after demonetization was announced. It simply speaks in the tone of hope and optimism from a journalist far removed from the ground realities. The aftermath since then has left no doubts that demonetization didn't do anything to curb any sort of tax crimes, whatsoever [0]. Heck, a well-respect economist at the helm of the most important financial institution in India, the RBI, resigned, possibly in protest [1].

> As another reply outlined, this did not impact the organised level of crime and only the middle class and below, as sadly most initiatives seem to effect, however well intended.

Yeah, exactly: That's text-book sham.

[0] https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...

[1] https://en.wikipedia.org/wiki/Raghuram_Rajan#Controversies

Well, journalist main task is to inform objectively, not to comment subjectively. They aren't researchers or economic analyst. And on other hand, most politics decisions are based on feelings, not facts.

Could you cite more primary sources? It looks like India related entries on Wikipedia were totally hijacked by paid wiki moderators[0]. Now I cannot trust any India related entry on Wikipedia

[0]http://www.opindia.com/2020/03/delhi-anti-hindu-riots-wikipe...

OpIndia is a Brietbart-esque website. I trust the Wikipedia moderators more than OpIndia "journalists", who, not long ago, called for "war to defend the Hindus".

The systemic way in which the neo-facist government is taking control the narrative by tarnishing trust in institutions that have stood up well to scrutiny is unnerving.

> Could you cite more primary sources?

I'm pretty sure any primary source that doesn't fit a narrative would be dismissed as non-trustworthy because OpIndia wrote an "investigative" piece that refutes those sources, or because a prominent right-wing person tweets questioning the legitimacy and dismissing it as "fake news"? The incumbent is playing abhorrable politics.

> Now I cannot trust any India related entry on Wikipedia.

Sure, trust OpIndia instead? The standard bearer for journalistic ethics.

"It is a well-accepted fact that demonetization was a sham at best, a scam at worst."

Are you speaking as someone who experienced it firsthand and still lives there?

From talking to Indians the criminal element and the politicians in power were aware of this happening in advance so had already converted. Others powerful people did it after the baby with the help of corrupt bank officials that helped them back date stuff. So only the middle class bore the brunt of this.

The middle class and everyone below the middle class.

This is a court ruling, not applicable to what you are trying to imply.

I was discussing a possible reason for banning it in the first place.

NOT the court ruling about lifting that ban, as You implied.

Makes it a bit more difficult for counterfeiters to debase the currency if you only allow smaller bills... The counterfeiters may be individual or state actors engaging in an economic attack.

Bitcoin can't be counterfeited, so it solves a $100 billion dollar problem.

You make some excellent points and I agree. Though perhaps the wrong thread-branch to make that point.

Interesting correlation pattern speculation :)

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