Cryptocurrencies are not legal tender - Indian Finance Minister

[Zackgeno96]

Indian Finance minister has presented the financial budget for the year 2018 and he said 'investors should keep in mind that government doesn't consider cryptocurrencies as legal tender" It means government did not recognized them but also did not banned them completely, hence people can still invest into the cryptocurrencies on their own risk. However, he also said that government will make sure to curb the illegal transactions funded by cryptocurrencies. In addition, he also mentioned that government will study the blockchain technology to make the payment faster.

There were lot of excitement about the government's stance on cryptos but its not a good news for the investors. I fear what if people start diverting their money from cryptos to stock market ?

Edit : http://www.financialexpress.com/budget/budget-2018-bitcoin-is-not-a-legal-tender-but-government-will-keep-exploring-blockchain-technology-says-arun-jaitley/1039815/

[gigatux]

Indian Finance minister has presented the financial budget for the year 2018 and he said 'investors should keep in mind that government doesn't consider them as legal tender" It means that government has not banned them completely and people can still invest into the cryptocurrencies. However, he also said that government will make sure to curb the illegal transactions funded by cryptocurrencies. In addition, he also mentioned that government will study the blockchain technology to make the payment faster.

There were lot of excitement about the government's stance on cryptos but its not a good news for the investors. I fear what if people start diverting their money from cryptos to stock market ?

Although the Indian Finance Minister says cryptocurrencies are not a legal tender but still they did not ban it. It means that they are still studying the effect of cryptocurrencies whether if it is good or bad. It needs to outweigh the negative issues of cryptocurrencies so that the Indian government will only create regulations and not banning it.

[jrrsparkles]

Indian Finance minister has presented the financial budget for the year 2018 and he said 'investors should keep in mind that government doesn't consider them as legal tender" It means that government has not banned them completely and people can still invest into the cryptocurrencies. However, he also said that government will make sure to curb the illegal transactions funded by cryptocurrencies. In addition, he also mentioned that government will study the blockchain technology to make the payment faster.

There were lot of excitement about the government's stance on cryptos but its not a good news for the investors. I fear what if people start diverting their money from cryptos to stock market ?

Although the Indian Finance Minister says cryptocurrencies are not a legal tender but still they did not ban it. It means that they are still studying the effect of cryptocurrencies whether if it is good or bad. It needs to outweigh the negative issues of cryptocurrencies so that the Indian government will only create regulations and not banning it.

Yes,you are right,the Indian government want to regulate the crypto currency usage in their countries rather than banning it.Because it can help to increase their country's revenue by a lot by implementing the taxes.

[ashfer]

Even i saw that news online about the announcement done by the finance minster of India and also came to know from my Indian friends that their government is trying to introduce digital currency and i think they have already launched their digital money or going to do in future and also came to know from my Indian friends that one of the most powerful business personality in their country  Reliance industries is also trying to launch their own digital currency with the help of highly experienced software engineers and they are trying to pitch themself in the digital market but i don't think that they will have much value as of what btc has as btc is already the master of all cryptos and i think it will continue to stay the number one crypto in the digital world.

[Zackgeno96]

It means that they are still studying the effect of cryptocurrencies whether if it is good or bad. It needs to outweigh the negative issues of cryptocurrencies so that the Indian government will only create regulations and not banning it.

The Reserve bank of India and government has already warned the people from investing into the cryptocurrencies; now they have made it clear that it will not be a legal tender. They also mentioned that, government will not regulate the cryptos and they will make sure to eliminate the use of cryptos for illegal activities.

Indian government repeadly saying crypto currencies are nt legal tender like japan u cant use it for payments and sending money aboard if u do so they will be questioned by IT department

Its not completely banned, people can invest on their own risk and govt will not be responsible for any losses. If you are generating any income through the cryptos then govt authorities may ask you to pay the tax.

[smarteth]

Indian government repeadly saying crypto currencies are nt legal tender like japan u cant use it for payments and sending money aboard if u do so they will be questioned by IT department

[Cadee]

Cryptocurrencies are not considered as a legal tender in India, but many developed countries have accepted this bitcoin as a currency and some countries have accepted bitcoin as a commodity but the Indian Government is planning to explore the blockchain technology which shows that they have interest in this bitcoin and crypto market and later they might accept this invention as legal tender.

[Clement Kaliyar]

There were lot of excitement about the government's stance on cryptos but its not a good news for the investors. I fear what if people start diverting their money from cryptos to stock market ?

There was a lot of speculation surrounding the situation when the budget was announced that India is planning to ban the market ,either the media outlets cannot understand simple things or they just want to create a story just to manipulate the market,the arbitrary advantage in Indian exchanges are gone after the news,people are investing in crypto market in the pretext to make more money and if anyone is looking for the safest root you really cannot complain about that.

[Sasuke102001]

I don't remember bitcoin ever being considered a legal tender in India anyways India hasn't banned bitcoin totally in India. The Finance Ministry has said that they will study the blockchain and study more about Bitcoin and look for the advantages and disadvantages of Bitcoin. So maybe there is a chance that Bitcoin may be made a legal way of transactions in India in the future.

[Imfinnabeon]

Don't fear it, that won't help any. But you should feel okay because these bans as witnessed in the previous years are temporary and exist only so that the governments can find a way to wiggle their way in on the action. Later this year, I don't think we will be discussing this or any other bans that happened in late 2017 or early 2018.