Contrary to the – now global – news coverage of Indian authorities enforcing an imminent ‘ban’ on bitcoin and other cryptocurrencies, India is, quite simply, not banning cryptocurrencies nor their trading on exchanges.
As CCN reported yesterday, India’s finance minister Arun Jaitley was delivering the country’s budget for 2018-19 when he touched on the subject of cryptocurrencies and their usage in the country.
To quote, Jaitley stated:
“The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
The takeaways from the statement are:
Indian authorities do not recognize bitcoin as legal tender.
Indian authorities will crackdown on cryptocurrency usage in illegitimate activities and;
Indian authorities will dissuade the public from using cryptocurrencies as payment instruments.
Jaitley did not make any pointed remark on a ban of cryptocurrencies, nor signal a clampdown on cryptocurrency exchanges. A side note – India’s tax authorities are, in fact, using the help of cryptocurrency exchanges to chase tax evaders.
Follow @Sportsatsteem Sports News Live Score Update 24/7 on Steem
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit