Crypto News Flash # 58 : Indian Finance Ministry Again Considered Cryptocurrencies As 'Ponzi Schemes' And Not A Legal Tender In India !!
On One side cryptocurrencies are getting enormous response from investors, traders and even governments from all parts of the World, while on the other hand India is still in denial for cryptocurrency's potential by calling them 'ponzi schemes'.
If we look at the price history of Bitcoin, we could clearly see that Bitcoin price's have gone 20X in this year only and still holding strong. CME & CBOE have already started Bitcoin Futures Trading and now possibly the whole world knows about Bitcoin if not cryptocurrencies.
But there are still some countries which are trying to go against the flow and trying to ban cryptocurrencies once and for all. While China have already done it back in July 2017, along with Cambodia and Russia is also considering it, India is still in confusion phase.
Back in year 2017, Indian Finance Ministry have already warned Indian investors twice about the volatility and risk of cryptocurrencies and advised them to be cautious while investing any piece of money in it. Yesterday, the 3rd warning have come by Indian Ministry regarding the volatility and 'ponzi' nature of crypto investments.
As per this source, the Finance Ministry of India has released this latest statement :
"The price of bitcoin and other [virtual currencies] therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes... Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes."
In this notice, Indian Finance Ministry has also stated that India don't consider the cryptocurrencies as legal tender and any issues related to them won't be addressed with immediate effect.
But if we look at Coinmarketcap statistics regarding Koinex Exchange which is actually an Indian crypto exchange, then $115 Million trading volume has already been surpassed on it within 24 hours. It is clear by looking at this trading volume that Indians are investing/trading greatly in Cryptocurrencies.
Although, the government already announced to pass some regulations on cryptocurrencies shortly but the exact date/time for those regulations to come is not certain.
Let's hope for the best in Future of Cryptocurrencies in India.
Thanks for reading ...!!
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the hard reality will hit them hard while others are preparing for a crypto future india finance minister is going in the opposite direction. he should learn from china and russia
Government will not take it as it is.. they will create a newz of it being a bubble and as and when the price declines most of their coworkers will be in it too.. so lets wait and watch
Your writing is very interesting.
But I want to ask you, what do you think about the development of 2018 bitcoin price in the future?
I just want to survey some people
Bitcoin is like Digital Gold and it has immense potential,though maximum Indians aren’t aware of it. Earning bitcoin is like earning gold , its value increase everyday. Its currently having the highest Return on Investment among all trade-able commodities.Being decentralized,anonymous and free from the clutches of banks and governments,the power of bitcoin is unimaginable.From buying products and services from the dark web to buying an apartment in a legalized country, you can do anything and nobody can control these transactions. Bitcoin is the future.
"You can't stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust" - John McAfee, Founder of McAfee
In July 2010 , 1 BTC was 0.08$ and now it is 1777.77$ (CEX.IO) |1724.58$(Coinbase) , see the massive growth - 22,10,00%.Last year on 14th May Bitcoin was trading at 450$ and an in year it grew around 400%. Whereas , In July 2010 your physical Gold was Rs. 18867 and now its Rs. 27,500, only 46% growth.Recently after Japan legalized Bitcoins the bitcoin market grew from 2.9 billion USD to 30 billion USD in an week. In the coming 4–5 years other countries will follow the suit, the market will increase and the price per 1 BTC will reach 20,000$ , Mark my Words. Nothing in this world can give you such an huge return.