India Is Bulldozing On Illicit Cryptocurrency Transactions : Finance Minister In Indian Budget 2018
Cryptocurrencies are illegal in India as per law? No, Indian government doesn't have any law or regulations defined on cryptocurrency transactions or trading. That's it! And they are still keeping their mouth shut regarding this.
In Indian Budget 2018: Finance Minister, Mr. Arun Jaitely has made the below statement -
"The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets,” says Finance Minister Arun Jaitley."
Source: coinscenario
I am making the following conclusions on the above statement:
✅Indian government is definitely not BANNING the #cryptocurrencies. Because we still see a lot exchanges doing crypto transactions like #ZEBPAY and #KOINEX etc.
✅They still don't want to decide on the tax implications on trading and earning profit from cryptocurrencies. Although they have sent notices to several default taxpayers who did not pay taxes on the profit on their crypto trading.
✅These clowns definitely do now know what is #BLOCKCHAIN TECHNOLOGY and what its worth. Although they want to explore this and maybe implement in the future but first they need to understand what it is.
✅Traders will resume their trading business as usual. Crypto party has just started.
✅People doing illegitimate transactions through cryptocurrencies will come under government's radar. If you are trading on government approved exchanges with registered companies, then you are good to go.
The Indian government has also cleared that they will, in the future, come with strict regulations and make suitable amendments for dealing and trading cryptocurrencies in the country. We all know that last year, many government officials pointed out Bitcoin and other currencies as PONZI SCHEME and the nation up-roared in silence of the stupidity of those ministers.
Prime Minister #NarendraModi has setup a committee to understand the impact of cryptocurrencies and their regulations all over the world to ascertain the benefits of using it or legalizing the individuals and business to adopt them.
India is a huge country and has a lot of potential in terms of wealth and investment in the crypto universe. I hope the government will come up with a great solution to put cryptocurrencies in the mainstream. The PARTY has just started!
Only time will tell how INDIA will react to this paradigm shift. Please let me know your thoughts about this in the comments. Do you think this NEWS will affect bitcoins price as many Indian investors might start panic selling their digital assets???
Source:coinmarket cap
P.S. - This is my opinion and not any kind of financial advice. Please note that cryptocurrency trading and investment involves a lot of risk.
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It doesn't matter if they ban or not . Crypto was meant for anti government , why do people forget that .
I don't think they have any idea whatsoever. It doesn't take long to figure it out once you are working with crypto. I will admit I was afraid of it for a long time. I think if you haven't adopted it, you would never, ever know that is one of its most amazing accomplishments, now and in the future. It is kind of sad. I can't think of any place on the planet that would benefit more from crypto than in India. As to your question, I think in America, India is too remote and foreign to most to cause a panicked firesale. The closer you are to India, it may indeed have more of an impact. I think people are finally seeing that decentralized currency is insulated from events in remote countries. I wish people would confront this in their thinking. If they simply remember how crypto is set up, the currency would be even more robust and would weather any storm that would normally effect fiat. It requires a shift in thinking. When all you have to back a currency is a ledger and a promise, why SHOULDN'T it be strong ALL the time? Perhaps I am crazy but you inspired my thinking. It made me wonder why we would tolerate dips. I think the adopters, all of us, have the power to stabilize our prized, new currency model. It simply requires a shift in thinking.
People forget that because living under control is easy. They cannot imagine a world with no governments and no one to make laws or that flyover they make every year which ends up in the biggest corruption case than the previous one. 🤑
I have said it several times just this week - there is no place on earth which would benefit more from crypto than India. I sure hope the people there can do what they need to do to rise above this issue. The people in India severely outnumber their government. Just like in America, we are so terrified of the imaginary consequences of reclaiming our sovereignty, it's not hard at all to control us with mere nebulous threats.
You are absolutely right @sunnyofoz. India is a very big country with a huge number of people. A government cannot control us like the way they are doing right now even though we are living in a democracy. Cryptocurrency and Blockchain would change the face of India. But I guess sooner or later we will adopt this as we have a tendency to follow Americans and the western world. So let's hope for the best. Cheers mate and thanks for your comment. I will upvote you tomorrow once I will regain my voting power. haha!