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Author Topic: Arun Jaitley has just killed India’s cryptocurrency party  (Read 59 times)
Bitcoin_baba
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February 01, 2018, 08:13:25 AM
 #1

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

Finance minster Arun Jaitley, in his budget speech today (on 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 a legal tender and will instead encourage blockchain technology in payment systems.

Read the Complete story here - Cryptocurrency to be Banned in India
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February 01, 2018, 12:22:04 PM
 #2

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

Finance minster Arun Jaitley, in his budget speech today (on 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 a legal tender and will instead encourage blockchain technology in payment systems.

Read the Complete story here - Cryptocurrency to be Banned in India

Fake news

// suki
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February 01, 2018, 12:27:49 PM
 #3

This is news to you? Lol. Perhaps the Americans have long been leading secret negotiations with countries which are dependent on dollar-denominated loans. I am sure that is just the beginning. Now the fate of bitcoin. If it doesn't become a full featured currency that could lose in this war.
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February 01, 2018, 12:42:09 PM
 #4

I think India government now trying to FUD market then maybe say same as South Korean government that they not ban just prefer to regulate and price jumps up again.
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February 01, 2018, 04:30:16 PM
 #5

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

Finance minster Arun Jaitley, in his budget speech today (on 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 a legal tender and will instead encourage blockchain technology in payment systems.

Read the Complete story here - Cryptocurrency to be Banned in India

This is exactly their problem and any government of today they all recognize the importance and how ingenious the blockchain technology is but because bitcoin is something they cannot control, they will continue to wage war against it. I see a lot of multi-nationals deploying this technology to their activities in every areas that promote transparency and real time efficiency that most companies rely upon.

However, its a good news in the sense that so far the blockchain is still being deployed to solve the economic problems of companies and countries, bitcoin will continue to be relevant whether they accept it or not.

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February 01, 2018, 04:43:16 PM
 #6

Until there are no laws or legal memorandum that been passed the use of Bitcoin will still be legal in India. But their users will be put into a tight situation whether or not they will change their Bitcoin to Fiat as of the moment as any time they can authorize to block the usage of any Bitcoin wallet out there. Their main solution would be of course flying out of the country and converting it to another foreign currency. Also am I reading the news wrong? As I see some news report they are only striving to avoid the use of Bitcoin for criminal activities but not Bitcoin as a payment method. I hope the latter is the real news as banning Bitcoin in India will be a major blow to its price.

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February 01, 2018, 06:48:51 PM
 #7

There is nothing like this. Cryptocurrency party will still continue I have just seen his interview which he gave some hours after the budget. Here is the link have a look over it.
 
1. Cropped time frame where he talked about btc  : https://www.youtube.com/watch?v=tuzbrjAigJs
2. Complete video : https://www.youtube.com/watch?v=M2W_FU9Aziw

They are still unclear and are waiting for the committee report to make any final claim regarding the legal status of bitcoin and other crypto in India. I think there is just some FUD because people have heard the fake news created by Indian media which says that bitcoin has now been banned.
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February 02, 2018, 02:55:39 PM
 #8

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

Finance minster Arun Jaitley, in his budget speech today (on 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 a legal tender and will instead encourage blockchain technology in payment systems.

Read the Complete story here - Cryptocurrency to be Banned in India
You should read the full news before posting anything as it is not complete. Indian government has declared bitcoin illegal way before the budget but has done nothing to prevent or has taken no measures to stop the use of bitcoin so far. Yes they do not recognize it as a legal tender but it is not banned yet . if you have read the whole news you should have read that government is not deciding to ban bitcoin instead they want to eliminate frauds that is happening in the country and that's fair as government would always want that the people should pay the tax instead of doing money laundering. It is still not fully cleared that it would be banned or some regulations will be implied for the cryptocurrency investors or traders. So, lets wait what the result come out for the crypto users.
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February 02, 2018, 06:40:34 PM
 #9

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

Finance minster Arun Jaitley, in his budget speech today (on 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 a legal tender and will instead encourage blockchain technology in payment systems.

Read the Complete story here - Cryptocurrency to be Banned in India

Please read the Full story first then start the thread. One more misinterpretation of Indian FM statement.
This Forum is to provide right information not to create or pump FUD's.
Indian FM, Arun Jaitley, Never said that they are banning or will ban bitcoin in INDIA. He said BTC will not be considered as legal tender and will take necessary action to eliminate illegal crypto from the economy.
Media has created panic among Indian crypto-enthusiasts saying that Bitcoin will be banned and all which lead to market-crash at the global level.
Many Experts, even Arun Jaitley himself in his interview after presenting Budget has clarified that a Govt. committee is still working and analysing crypto's pros and cons so that a firm decision can be taken on its legal status.
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February 02, 2018, 08:08:14 PM
 #10

The original objestive of bitcoin is decentralized control currency. The recent actions of some goverments actually demonstrated why people wants a little bit freedom. I don't have bitcoin, only a few LTC and ETH. I wrote this because I really don't like the goverments doing whatever they think correct.

Why we need and say crytocurrencies to be tenders, they are trading units agreed by people who make the transactions. It happened to have a lot of similar things like gaming credits you can buy and sell on many web sites. Are they tenders? Can goverments resonably ban someone trading a normal thing like a photo of a dog on the Web for some dollars? Crytocurrencies owners may voice out or request courts to ask their goverments for explainaton.

I believe that crytocurrencies will continuously be used for transaction and trading among people and communities.
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