Storing any valuable asset in India is becoming incredibly difficult these days. After the ban on 90% of the money in circulation, the government is now going after other valuable commodities. Gold, precious metals, and even jewelry are now being confiscated during door-to-door raids. Bitcoin remains the only viable solution for Indians to keep control over their wealth, that much is certain.

Indian Government Continues Its Vendetta Against Personal Wealth

Weeding out money laundering

In that light, it is not entirely surprising to find out that the government is now going after gold and other precious commodities. The way they go about things, however, raises  a lot of questions. Raiding homes without warning or authorization is not the best course of action in a country riddled with financial turmoil.

Although these types of raids

To be more precise, there is no specific limit as to how much jewelry one may have obtained before it is deemed “suspicious”. Such half-assed measures will only cause more friction in India, which is dealing with enough financial problems as it is. One exception to this rule is how inherited jewelry is safe from scrutiny for the time being, although that may only be a temporary reprieve.

Needless to say, this new measure will only benefit the rich, whereas the common man is affected all the more. Rich people can pay off any harassment charges, allowing them to circumvent governmental scrutiny with relative ease. Commoners, on the other hand, have no such assets at their disposal and will feel the brunt of this immoral behavior.

The only safe asset for Indians to hold right now is Bitcoin. With multiple exchanges offering a convenient solution to buy cryptocurrency, trading volumes are expected to increase in the coming weeks. Governments cannot exert control over bitcoin by any means, as long as people remember to store the value in a wallet fully in their control. Online and exchange wallets should be avoided at any given time.

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