Bitcoin Is Officially Illegal In India? Bitcoin Banned in India?

Bitcoin Banned in India ?

No. Bitcoin banned is a Fud. India doesn’t banned Bitcoin. Finance minister Arjun Jaitley stated in his budget speech today that the government will do everything in its power to discontinue the use of bitcoin in India.

Exact words from Mr. Jaitley: The Government does not consider Cryptocurrencies “as Legal Tender or Coin” and will take all measures to eliminate the use of these Crypto Assets in Financing “Illegitimate Activities or a Part of the Payment System”.

 

Wrong interpretation: Bitcoin is illegal.

Correct interpretation: Bitcoin cannot be used as legal tender. Bitcoin cannot be used for illegitimate activities.

These were the exact words Arun Jaitley said. There is no ban on Cryptocurrencies like other media sources would want you to believe. They’re only looking to curb illegitimate transactions using Cryptocurrencies like any government would want to do.


Bitcoin in India: Has India just destroyed Bitcoin? Will BTC now crash?

BITCOIN could have just been DESTROYED after India’s finance minister Arun Jaitley vowed to ban cryptocurrency and discontinue the use of bitcoin. Will the BTC price now crash after India threatened a digital cash ban?


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BTC BANNED IN INIDA? WHY DOES BTC PRICE CARSH ?

Special courtesy to LSTV for the live video. Please don’t spread FUD. Listen to the video carefully.

Finance minster Arun Jaitley, in his budget speech today (Feb. 01). Stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

Mr. Arun Jaitley to bring some clarity on concerns which have created enough FUD over the past couple of months. Starting with IT raids on Indian exchanges back in early Dec 2017. However, Government is still preferring to play the “wait and watch” game it seems.

Cryptocurrencies has made a fortune for many who invested in its early years, but the regulatory policy makers are still unclear on their stand. Investors and startup in India were waiting eagerly to get clarity on.

1. Tax on trading transactions and profits

2. KYC Process of the exchanges

3. Clearer directions for banks who have frozen accounts of many exchanges oflate.

4. Use of ICOs as an investment vehicle for venture funding in India from Global investors.

5. Introducing smart contracts in government processes for e.g., keeping land records.

However, the Budget 2018 session failed miserably to provide clarity on any or all of these Topics and the investors are once again left in the lurch to make their own assumptions. Its ‘careful’ stance on the use and trading of cryptocurrencies is leaving the startup community and investors disappointed big time.


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Will BTC now crash?

Cryptocurrencies could now be at risk after the announcement, amid the threat of bitcoin dumping or devaluation.


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