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.
Weeding out money laundering and corruption in a country such as India will be a daunting task. Banning high-denomination bills is a decision that mostly affects the middle class, rather than those who hold millions or billions of money. Inf act, those people have sluiced funds out of India, or converted it into other traditional assets which they feel hold value.
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 have not yet become common, it is not unlikely that the government will step up these efforts in the coming months. Officials are authorized to seize any gold they find during a raid, and it looks like that privilege has been expanded to include regular jewelry as well. Concealing assets from the government is not a good idea, but it is difficult to validate who is partaking in such activities right now.
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.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…
The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…
In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…
The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…
The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…
Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…