The news is coming from the past that bitcoin was closed in India, but there is nothing to it, there is no need to panic anyone. The Indian government did not shut down the Bitcoin in a rigorous manner but it has not given legitimacy to Bitcoin. The Government has alerted the people that Bitcoin is an illegal currncy which the government will not recognize. The responsibility of loss in bookkeeping will be to the investors and not Of government

There is bad news for those who make money on Bitcoin. Now the Government has taken a gamble to curtail the crypto like bitcoin in India. Finance Minister Arun Jaitley said that the government will prevent the use of crypto currency for illegal transactions.

Know everything about bittoin

Jaitley said in his budget speech in Parliament, "Crypto taxis are not valid and the government does not promote their use. However, the government will consider using blockchain (a digital technology supporting crypto currency).

Prior to the announcement of the government, the Reserve Bank of India has also rejected Bitcoin-like cryptocarrency. It was discussed that Reliance is also preparing to launch crypto-cortisone in the name of geocoine, but before the budget, Geo also made it clear that such a move would not be taken.

Big statement of Finance Ministry on Bitcoin

Even before this, the government had been warning people about putting money in bitcoin. Alerting people, the government had said that this virtual currency has no official recognition. The finance ministry said that it is a fake chit fund and it does not run a government agency. There is no valid way to run it. People can be fraudulent. Investing in this kind of currency has the same risk as investment in Ponzi schemes. This can cause huge losses to investors, especially retail customers, and their hard earned earnings can be shocked. And the hard earned earnings of their hard work can sink into the moment.