#DogecoinDrama #indianCryptoBan
The notion that the Indian electoral bond scheme is akin to a form of cryptocurrency where the identities of both the sender and receiver are unknown is not accurate. In reality, electoral bonds are interest-free bearer instruments that can be purchased by any individual or corporation from authorized branches of the State Bank of India (SBI) to donate anonymously to political parties. These bonds are available in denominations ranging from Rs 1,000 to Rs 1 crore. Although the scheme allows for anonymous donations to political parties, implying that the parties do not know who the donor is, the purchase of these bonds is done through a KYC-compliant process, ensuring that the bank knows the identity of the buyer .
This mechanism has sparked considerable controversy and criticism, with allegations of facilitating anonymous donations that could lead to unaccounted money flowing into the political system, raising concerns about transparency and accountability in political funding. However, comparing it to cryptocurrency is misleading since cryptocurrencies operate on a decentralized network and offer a level of anonymity that is not controlled or monitored by a central authority like a bank, which is not the case with electoral bonds.