Bitcoin Forum

It appears to be the end of the road for cryptocurrencies in India.

Finance minster Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

“The government does not recognise cryptocurrency 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,” Jaitley said.

https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

Stop creating FUD its clearly mentioned that they will eliminate the use of these cryptoassets in financing illegitimate activities

End of the road? Cause they want to stop crime committed/enabled trough crypto? No, that is not the case. Also my government recognizes it as possesion and not currency, can change in the future but it doesn't impact crypto.

even if the FUD you are spreading were true (which is not) people seem to not give a fuck about it :D

if you take a quick look at the Indian exchanges and check the price and volume there has been no change in price or volume because of this. the price is still high there and the volume is also high showing there are lots of people buying bitcoin.

Just someone wanted to once again manipulate the market. There are a lot of such news lately. For example, for example, the autumn news from China, the recent news from Korea. This is all the manipulation of the market.

And almost nowhere "does not recognise cryptocurrency as legal tender or coin". Cryptoworld will survive this. What more?

I think you have not gone through the matter clearly. Just look at the article and read what it says. They are going to focus on the future use of the blockchain itself meaning they would like to get into crypto in the time to come. I think this another FUD that coming from the India and it looks like that people have not understood the matter in complete open manner.

The whole thing could turn out to be good for us if Indian government actually looks after the investment into blockchain for the payment processor use. They are having that potential and somehow I think that they will agree on that. Lets just forget everything and focus on our investment. Crypto will never stop because of such news.

You are just one of many people who spread fear in the world of crypto, but whatever happens in India, will not have a major impact in the world of crypto. And 1 more thing before you create thread, please check the truth of your information

Government not recognizing something as legal doesn't make it illegal.

Don’t you think that it is very strange that all these bans and prohibitions started happening exactly in Asia?  As I see European investors and traders are now in the better position. Now Indian guys that deal with crypto will start to find the ways out.

india is nt banning bitcoin but said bitcoin is nt for payments syestem and nt a legal tender like japan so in india we can trade bitcoin in exchangers but cant buy any assets with bitcoin as exchange

It is just a word by now. I think they have not taken any such action, we sell on the expectations, they will buy the reality  :)

This has been proved to be a false story exaggerated by the new.
India is just cracking down on bitcoin for illegal crime, and then reminding the masses that it's a risky market, that's all.