We Don't Recognize Bitcoin Or Other Cryptocurrency As Legal: Arun Jaitley

[Raj Malhotra]

We Don't Recognize Bitcoin Or Other Cryptocurrency As Legal.
- Arun Jaitley (Minister of Finance of India)

Read this:  https://inc42.com/buzz/arun-jaitley-bitcoin-cryptocurrency/

[redlag]

Correction : He said "Legal Tender" i.e. A legal way of paying for things, meaning currency. This would probably never happen. Bitcoin would always remain as a Digital Asset only.

[bitcoinveda]

India is unclear about fast-changing crypto market once other country govt form legal formalities India will rethink Even GST implementation also late in India

[endlasuresh]

India is unclear about fast-changing crypto market once other country govt form legal formalities India will rethink Even GST implementation also late in India

GST made to get more taxes from poor people, as for Bitcoin legality, still no one knows the founder of Bitcoin so who is the responsible for money?

I have seen 2 to 3 ICO's from India where they failed in Pre ICO to get funds. i think India wont allow this Crypto currencies in future because of srtict terms.

Also read this https://inc42.com/buzz/cryptocurrency-bitcoin-india-cme-group/

[nor9854]

Correction : He said "Legal Tender" i.e. A legal way of paying for things, meaning currency. This would probably never happen. Bitcoin would always remain as a Digital Asset only.

Good point.I think there is no government notification or law that says btc is illegal

[RameshSekar]

Government fear of the increasing investments in bitcoin and other cryptocurrency.

[endlasuresh]

Government doesn't know which Crypto currency is real or fake or where they exists, if they are real then they can open a company, but this wont happen in future.

Let see what will happen in the next elections where the Congress will be going to win.

[onrise]

Government fear of the increasing investments in bitcoin and other cryptocurrency.

This is the result the matter had gone to Supreme Court and they have directed the government that what is their stand on this currency. Are they regulating it or coming up with some proposal else they would have to ban this. Govt sees an opportunity in this but also it can be misused due to which they are taking their time to think on it.

[hinayupak]

We Don't Recognize Bitcoin Or Other Cryptocurrency As Legal But with virtual currency gaining traction among investors, Finance Minister Arun Jaitley on Thursday said India does not recognise crypto currency as legal tender.Bitcoins were in news recently after a massive global ransomware attack 'WannaCry' hit systems in over 100 countries. The cyber criminals demanded a fee of about USD 300 in crypto-currencies like bitcoin for unlocking affected devices.