Arun Jaitley, the finance minister (FM) of India settles the cryptocurrency issue once for all.
Finance minister Arun Jaitley has said in his Budget speech that the cryptocurrency is illegal and the government is not going to recognize it. FM cited that Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. The government has already began a crackdown on illegal uses of this unregulated virtual currency.
However, Jaitley has announced that the government would adopt blockchain technology that supports cryptocurrencies. He added that blockchain technology will help us in our digital India mission.
Image source
The Reserve Bank of India(RBI) is already looking at the brave new world of cryptocurrency. The success of Bitcoin may has encouraged the central bank to consider it's own cryptocurrency since it is not comfortable with this non-fait cryptocurrency.
A group of experts at RBI is examining the possibility of a fait cryptocurrency which would become an alternative to the Indian rupee for digital transactions.
Indian blockchain committee head Ajit Khurana clarifies that cryptocurrency is not illegal in India.
Ajit Khurana, who recently took over as the head of the Blockchain and Cryptocurrency Committee of India (BACC), clears the air on the issue in conversation with your story.
YourStory : What do you think about Finance Minister (FM) mention on cryptocurrency in the budget ?
Ajit Khurana : We are extremely happy that something like cryptocurrency found mentioned in the budget. It only goes to say that the impact is has is so widespread, and there is an understanding that it exists in a strong way.
However, on the take of it not being a level tender, we completely agree with the government on its position.
We understand about the concern about the illicit use of cryptocurrency and have maintained this position.
Cryptocurrency enterprises have been maintaining completely transparency through KYC and other procedures to reduce the illicit use of these assets.
The Indian government will not completely ban cryptos but will impose strict regulations to rein the market in. South Korea is a classic example.
Yes, it is right that the cryptocurrency cannot be banned. The example of China is a witness.
It won't be a legally accepted currency, doesn't mean transactions are illegal.
It's a vague statement...Will be clear once budget pdf gets uploaded on site
I also heard that.Thanks for the information.
Do you even know what the real Story is??
Or you just slammed something of some Article.
As I know for sure that Arun Jaitley never said that Bitcoin is Illegal in India.
Finance Minister said that Bitcoin is not legal tender in India and they will curb out any Illegal Activities being carried out by such Cryptocurrencies.
Where was it said that Bitcoin is Illegal??