India’s Plan To Ban Bitcoin! Could The U.S. Be Next?

India’s Plan To Ban Bitcoin! Could The U.S. Be Next?

This episode of What's Ahead examines the great war that's about to begin between governments and the creators of cryptocurrencies such as Bitcoin. In India, for example, possessing these assets will soon be a criminal offense. 

India will have plenty of company in this conflict. Governments and central banks absolutely don't want independent individuals and entities creating credible alternatives to their own money.

Because of their violent volatility, cryptocurrencies haven't been able to be easily used for commercial transactions, especially those involving long-term contracts. But the time is coming when entrepreneurs or a company like Facebook will come up with a crypto that will be as easy to use as government money is today and whose value will be stable, that is, its value will be tied to a trusted currency, such as the Swiss franc, to gold or to a basket of commodities.

Unlike what India and its probable imitators are doing, governments should wake up to the fact that the best response to the cryptos would be to stop debasing their own money. 

The best way to do that? Adopt the gold standard. When properly managed, it works. Always.

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