RE: India Ban on Crypto Currencies at Budget 2018, Is it for Real? My Views with Facts
Thanks @bunnychum for raising this question. Everyone is suspecting the market is red because of the FUD created due to this news. As an Indian and an active Crypto trader I must say that India is not BANNING the currency. Our stupid media created this hype and twisted the words of our beloved Finance Minister Mr. Arun Jaitley. Yesterday during the announcement of the Budget 2018 he 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"
His intentions are not to BAN the cryptocurrencies in India. He would rather implement the uses of the Blockchain Technology in the current ecosystem of the country. They are going to hit the people who are doing illegal stuff and transacting through cryptos. Even Prime Minister Narendra Modi has elected a separate committee to analyse the implications of Blockchain and how we can benefit from it. ✌
I have also written a piece on this yesterday, Please have a look about what I think and I have explained in detail about India's stance on Crypto Universe. I hope and believe that the market will recover soon!
India Is Bulldozing On Illicit Cryptocurrency Transactions : Finance Minister In Indian Budget 2018
@hungryhustle that's exactly the point of my post. Media is saying Bitcoin is banned but according to Mr.Jaitley's speech, he didn't say anything like that.
double standards!
India is planning on their own cryptocurrency Laxmi! Government want to avoid spending on making paper and coin currency
In this speech he indicates how much it cost to print and deliver to people. But digital currency can save all those money and that can be used to help poors.