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.
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Cryptocurrency to be Banned in IndiaPlease 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.