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Comment by abhiminator | Hacker News Reader

Didn't this exact same story get posted earlier today that later got flagged as a [dupe]?!

Here's the link to the post made earlier: https://news.ycombinator.com/item?id=26460907

That said, this move -- if enacted into law -- will be an incredibly foolish act on the Indian government's part and will act as a catalyst in driving away the next generation of bright young Indian innovators and engineers from the country.

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> will act as a catalyst in driving away the next generation of bright young Indian innovators and engineers from the country.

Somehow I doubt there's much of an intersection between "the next generation of bright young Indian innovators and engineers" and crypto miners who care enough or run an operation large enough to justify leaving the country over this.

Banning crypto is just the tip of the iceberg. The administration in power currently has massively damaged the confidence of international investors as well as the citizens in India by taking extremely heavy-handed top-down and often ill-planned decisions. See 2016 demonetization, 2020 national lockdown and the 2021 farm protests.

Also the country is veering towards authoritarianism rapidly, and this bitcoin ban is just a mere symptom of a much much larger problem that lies ahead for India.

I was talking about the 'brain drain' in that context.

I'd be interested to learn more about capital flows documented in the blockchain. Can wallets be traced to countries? Can we get an idea what the flows are into and out of India? My sense is that a lot of the interest in Bitcoin, globally, is driven by preparation for capital flight.

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