Indian government’s stand on cryptocurrency hasn’t changed in the past few years. They aren’t happy about cryptocurrencies. In recent times they have left no stones unturned in arm twisting exchanges and citizens from trading in these cryptoassets (as they like to call them instead of cryptocurrencies). Their definition doesn't change anything or the fact that Indian citizens will do as they feel is right for themselves!
The government here doesn’t recognize these cryptocurrencies as currencies because they don’t have any intrinsic value amongst a whole lot of other factors-so they claim to be. Cryptocurrencies have value because people who are invested in them say so. Fiat currency has value because a government says it does and enforces it by force.
I have to admit, I feel rather good about picking up some cheap coins in the past few days at the lows that we’ve witnessed. Cryptocurrencies are here to stay. Having said that, let me help make sense of the real world implication of his statement. Many people are still confused about it days after it has happened.
The freedom to earn a legitimate income and spend it anywhere as desired is the right of any citizen of a democratic nation. Atleast on paper that's what it's supposed to be!
Finance Minister Arun Jaitley in his budget speech had said that cryptocurrencies are not legal tender and will take measures on their use as part of payment systems. "The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system," Jaitley said in a statement during the budgetary session.
Fact is that you cannot buy or sell goods for cryptocurrencies but you are currently free to trade. Don't let anyone tell you otherwise. There is absolutely no issues with trading your Bitcoins and alt-coins.
The aforementioned statement from the Finance Minster left most uninformed noobs trading on exchanges in India to panic sell. This was a good opportunity for seasoned traders to take off these cheap bitcoins from weak hands.
When you elect monkeys to positions of authority they are bound to create chaos. Chaos leads to change, and sometimes it can be a good thing. But, it can also have far reaching undesirable consequences. Government propaganda and corrupted forces amongst mainstream media sometimes work hand-in-glove to ensure people are left in a lurch over their freedom to choose.
But here’s a bit of smart journalism from one of the top female anchors in India, ‘Shereen Bhan’.
Dear readers of my blog please be informed and don’t let mainstream media, government warnings and misleading statements of our finance minister fool you into believing that cryptocurrencies are banned in India. They are not. You can trade them whether our government likes it or not. It's business as usual for all exchanges in the country.
Don't let the cryptocurrency fire burn out in India! It's upto all of us to stand our ground and ensure the government works for us and not the other way around.
However, I'm pleased to tell you that it's fantastic that cryptocurrency has made waves into the parliament so much that it got a mention during the budget. Great things are yet to come. Let us wait and watch patiently as ever!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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When you encash to Indian rupees, there is no clarity over what tax you should pay. Have you dealt with this ? I mean withdrawn the amount in INR ? And if yes, what kind of tax we need to pay ? Any insight on this would be really helpful.
Right now in India, it is very difficult to cash out because major banks in India have stopped receiving transaction deposits from exchange platforms like bittrex and so forth.
https://qz.com/1174340/indias-bitcoin-exchanges-under-pressure-as-banks-choke-payments-and-withdrawals/
I don't think, its right, there are so many exchanges now in India, you can easily transact. I myself do. Only the tax aspects are not clear.
VERY NICE JOKE :ů) they starting to be like China :ů) there is a small issue with all of this...CRYPTO IS NOT POSSIBLE TO BAN...if me and you accepting it as currency :ů) so njoy
https://steemit.com/bitcoin/@mfg/blockchain-technology-in-near-future-deep-analize-of-humanity-fate-and-will-must-read-bitcoin-cryptotities-cryptokitties
#CRYPTOCARTOONS (bring in some fun in dip times) watch and like it on dtube
‘Shereen Bhan’ is the man :ů) hes got a suitable name for :)
https://steemit.com/bitcoin/@skorek/best-bitcoin-idea-5-first-satoshi-school-is-born
They seem to be playing the same bullshit China did and trying to make a profit off it. Ah you gotta love governments
It's a love/hate relationship :)
@bitcoinflood I don't believe in these news about governments. There is always something behind.
Like bans ads on Facebook. Mark is preparing some release...
Yah well Governments and big banks just play it differently and create this fear which affects small investors like me. Anyway market is recovering so hopefully things will continue to improve. Patience is the key and we should do our research before investing in crypto assets.
The government of any country can never make Crypto-Currencies a legal tender as they are not issued by Fedral/Central authority, however Crypto-Currencies can currently be classified as "movable property" and appropriate regulatory permission and taxes can be applied. No democratic nation can ever think to ban crypto-currency. So, they are proposing to discuss it in upcoming G20 summit.....
You hit the nail on the head! There was so much FUD the last few days over this. Even in British media they were hanging onto the phrase India is banning cryptocurrency. They are actively spreading the message that cryptocurrencies are a criminal financial network and unwelcome. In reality, the asset bigboys and bankers are panicking because it is a direct threat to their influence. They will no longer be in control of the people, or be able to pin people down by imbuing them with debt, and the sudden realisation that power is finite scares them something silly. There is literally no way that cryptocurrency can be banned: it is a worldwide network spread across multiple platforms to ensure its continued success. I follow closely, John McAfee who is a real fan of cryptocurrency, and in his words he states that Bitcoin is not crashing, it is bending against the will of impotent governments trying to win back control through fear.
he also added that ..... "They will explore the use of blockchain technology to add muscle to the digital economy"....what does that mean?
They are not discounting blockchain what they want is a blockchain that they can have some control similar to what Andreas antonopoulous said in one of his talks
Everyone deserves to trade cryotocurrency, there are the damn future,! Damn whatever anyone says ::
Damn right! :)
You must be careful..just open your eyes, it has pattern, there is global coordinated attack on cryptocurrenies, banks and governments are behind it, especially banks, nevertheless very people will get very, very angry, and that will be their endo, they are underestimating power of the people and the anger of the people.
Good. Stay mad :)
You simply cannot trust Indian media.
The government clearly said that they have a problem with using crypto as legal tender because it is difficult to monitor. The government has issues with people investing fiat in crypto because the profits from these also need to be taxed like the people who invest in stock market are taxed. Once fiat is converted to crypto it becomes very easy to hide it away/ pay and take bribes. They want to regulate cryptos and there is nothing wrong with that. The govt has the right to tax profit. If you think they don't, then you need to probably build everything on your own, including the starting materials for everything since the govt used taxpayers money to make everything available for you. It will be better still, if you can show the govt a way to earn enough money so that they wouldn't need to tax people for making all the things work.
Crypto halp all
Many are spreading misinformation that they are banning cryptocurrency. The government with a clarifying statement that they aren't banned. India hasn't banned bitcoin
Its a good thing cryptocurrency isnt banned in india.
Thanks for sharing such informative post.
thank you for sharing this informative article
The problem isn't that media is making a mess for crypto world. But people themselves are. Most of us are trading/investing in it emotionally so no amount of technical analysis will fruit. Few tweets about india banning crypto we all were in a rush to sell and that caused a massive panic selling making Bitcoin go around 2.5L or 4000USD in matter of minutes.
Many don't even bother to find the reason why it happened.
We need to be smart to avoid such FUD in the future.
As Crypto future in india is concerned i can bet it won't be banned.
https://steemit.com/india/@thethinker007/why-bitcoin-cryptocurrency-will-not-be-banned-in-india
PS Not promoting the post(Already Payout done)
I love India, keep standing for crypto
Your post is very interesting friends, friends I upvote
This is a good one
I dont understand why people keep saying this. Pure FUD
With all i have learned so far about Cryptos, i can't be convinced otherwise to ditch them. I wonder why everyone doesn't want to go with the way the world is changing. They are way valuable. Everyone who tries to persuade anyone from holding or investing in cryptos must be living in a cocoon world of self delusion. What makes us think they are not even secretly trading with it? Crypto is the way forward. Thank you for sticking by it.
Litcoin is releasing a system kinda like apple pay. So you scan and pay with bitcoin. Houses are for sale for crypto currency. The more people who agree to this the more value it will have. We only agree to gold as a valuable item because everyone agreed to it.
“Cryptocurrencies are banned”... no wait “cryptocurrencies aren’t banned”... oh wait “cryptocurrencies are banned”.... nope “cryptocurrencies aren’t banned”...
These governments are just delaying the inevitable. It would be easier for everyone to simply embrace blockchain and crypto and start taking advantage of this technology, instead of playing this games and changing statements every 15 days...
Your everyone post I am reading all Post sir your very excellent Instructive and good
Not surprising at all! Crypto currencies were not created for the government, rather, they were created for the people. That is why
government everywhere are having sleepless nights over Cryptos ostensibly because Cryptos are backed by the people. If over 1 billion people in India rises to say "we want crypto", who or which government will be able to stand such a revolution?
We will hear some good news from indian govt. At the end of this financial year.
Let's continue our journey in crypto space.
Only money made, welcome to NWO.
Oye it gets so confusing about what's banned and what's not.
WOW!
Steeming about news events can get you $271.69 in 36 mins!
Good post. The whole problem is that people don't read the news, or even worst than that, they can't interpret what they are reading.
Government doing what you expect it to do.
So that news was wrong.
I don't think govt is in hush hush mode to regulate/deregulate the crypto.
As Mr.Garg said they will form a committee which will survey and make a report.(this seems another year will be going in uncertainity only)
The only hope is the G20 summit (France already made the point to discuss the bitcoin, Germany ,America also ready to discuss )
Looks like month of March would also be critical for the crypto currencies .
Fingers crossed 🤞
They all want to ban cryptocurrencies just because that dont have the power over it.
I think that as long as they can be taxed through the exchanges they will be fine. The governments of the world don't want to shoot themselves in the foot when they could stand to make a good deal of money.
I am not too worried about crackdowns on exchanges or ICOs. As long as people can hold and trade coins legally then the ecosystem will grow.
Short term, It does matter what the Fm of a country says !!
Long term , Its safe to say most governments will be too late in the game to take any drastic action. Leave alone all of them coming together, to act against this revolution. They can make all the noise they want, fact remains, no country alone or even few group of countries can contain crypto.
They can try, only to later adopt it.!!
They will be too late in the game to curb this revolution.
К сожалению на Украине тоже к такой валюте не серьезно относятся. Не признают.
They cannot be banned as the corporate bigwigs have their own insight into cryptoworld. As you already highlighted in earlier post about jio coin. If the govt ban cryptocurrency the future of the govt will uncertain . you know the main source of funding of these govt parties come from corporates. And if they already started the research on jiocoins then no wonfer whatgovernment can never going to ban it. 👍 good to see the detailed view 👌
politiquiando with the success of the cryptocurrency. what dirty politicians.
Although the US government is not against crypto they are making new tax rules to reap crypto investors. This is somewhat similar to other countries that the government is not really supportive of crypto. Imagine something very popular for people to buy and the government decides to put a higher tax tariff just because they can. Nonsense!
Wow great share, I had also gone through the topic of the budget sessions of finance minister, I saw that they are familiar with some of crypto currency name, they had mentioned in their speech. Yes it is very good news for us that cryptocurrncy have been able to receive great influence in the parliament. Thanks for your assurance and suggestion. Have a great day.
Your all post very valuable sir ....
Your writing is very good, and very beneficial. And I am also motivated for your writing. And I say thousands of thanks for writing you wrote, semonga you and I we will be successful together in this steemit. So that can add more income .. beloved friendship may we healthy always yes.
Lol :D
Hey Meghan, I was wondering if you could find time to write about the stance that some of banks have taken regarding depositing/withdrawing money for/from crypto trading. Rumours doing rounds that Kotak has threatened to ban an account for indulging in crypto trading.
Latest from the government Meghan. Have a look: http://www.moneycontrol.com/news/business/govt-to-finalise-crypto-currency-report-in-two-months-economic-affairs-secy-2499437.html
We tend to resist ourselves when we hear such statements from government but you are very right, the fire should keep burning. I am new here on steemit and I can see a great future here. I am a fashion blogger and you can see my introduction.
What about Mining though? @firepower
Thank you @firepower For Giving Clear doubt for us And Filling some energy in us.
I was Blank After Listening To Cryptocurrency News In Budget.
FUD [Fear] [Uncertainty][Doubts]