Crypto is not a legal tender in India

[Red.]

My Dear friend.

As of today, bitcoin is not legal tender in any country, let alone it being declared illegal.

Bitcoin has grown on the premise that it belongs to no country. In fact if you have read the original satoshi whitepaper, which I highly reccomend if you have not. You will see how it is in response to the fiscal irresponsibility of countries especially the USA that crypto currency has evolved.


The good news is none can BAN you from using cryptocurrency. They can ban organized exchanges etc. IN that case there will always be market makers; like it happens in private limited companies stock.


I think it is important to have a way to trade value with fellow humans without worrying about what exact currency I am holding and whether it will become worthless because of inflation.

wishing you peace.

[carlisle1]

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

Another nail in the cofin. More countries to follow. Its happening faster than I thought and market is collapsing like nine pins after this news. Where are those HODL people? ROFL

HODL HODL HODL ROFL ROFL ROFL

Why you FUD? OK, I will try to explain to all people not capable of understanding written text:

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.

the government will do everything to discontinue the use of bitcoin and other virtual currencies in India

Oh nice, he stated that in some speech. I don't know what is the exact government type in India (parliament democracy?) but here is what he has to do in order to "ban bitcoin and other altcoins":
1) Prepare the law
2) Get the law accepted
3) Possibly get signed by president

Ah well, we are at least half a year from point that this would happen. The thing which you have posted is NOT a law. It is just a statement of a minister (similar to Donald Trump twitter posts I would say) and a lot of work will have to be done in order to legally embed that into the India legal framework.

It is possible that the final law will not be that strict and maybe you will just have to register yourself to avoid usage of cryptocurrency to money laundering or I don't know. We have VPNs, privacy coins, even TOR-enabled coins like xspec. Anyone who wants to use cryptocurrencies for illegal activities simply can and no India law can make it impossible for them.

I don't believe they are so stupid that they would ban cryptocurrencies completely. Crypto can become a significant money income from taxes to nations. They just need to understand it.

LOL, really. He stated clearly that they will do everything to ban crypto.

If they want they can bring the bill overnight.

so?what bothers us?isnt it your the only one whos crying about this issue?you have posted some other threads related to this nonsense issue,bideaway WHOS INDIA IN CRYPTO?even korea and china cant do anything to bring crypto down.why would india?ask your mama whats the dinner tonight,maybe your just hungry baby. Lol😜

[Kulllianll]

I now have stopped believing someone who spreads rumors and insides. Analyzed the previous news - all this is manipulation. It is a pity that the newbies trust every news about bitcoin.

[zombies]

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

Another nail in the cofin. More countries to follow. Its happening faster than I thought and market is collapsing like nine pins after this news. Where are those HODL people? ROFL

HODL HODL HODL ROFL ROFL ROFL

Why you FUD? OK, I will try to explain to all people not capable of understanding written text:

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.

the government will do everything to discontinue the use of bitcoin and other virtual currencies in India

Oh nice, he stated that in some speech. I don't know what is the exact government type in India (parliament democracy?) but here is what he has to do in order to "ban bitcoin and other altcoins":
1) Prepare the law
2) Get the law accepted
3) Possibly get signed by president

Ah well, we are at least half a year from point that this would happen. The thing which you have posted is NOT a law. It is just a statement of a minister (similar to Donald Trump twitter posts I would say) and a lot of work will have to be done in order to legally embed that into the India legal framework.

It is possible that the final law will not be that strict and maybe you will just have to register yourself to avoid usage of cryptocurrency to money laundering or I don't know. We have VPNs, privacy coins, even TOR-enabled coins like xspec. Anyone who wants to use cryptocurrencies for illegal activities simply can and no India law can make it impossible for them.

I don't believe they are so stupid that they would ban cryptocurrencies completely. Crypto can become a significant money income from taxes to nations. They just need to understand it.

LOL, really. He stated clearly that they will do everything to ban crypto.

If they want they can bring the bill overnight.

so?what bothers us?isnt it your the only one whos crying about this issue?you have posted some other threads related to this nonsense issue,bideaway WHOS INDIA IN CRYPTO?even korea and china cant do anything to bring crypto down.why would india?ask your mama whats the dinner tonight,maybe your just hungry baby. Lol😜

ROFL

You guys are seeing the India's affect on the market. Its funny how you people still pretend as nothing is happening.

 When I warned you people 2 weeks ago you din't listen. Its just the start and G20 summit is going to bring the worse. I always have inside sources, wait for that day.

[zombies]

This is all India's affect on the market. I can't imagine what will happen when G20 decision comes out. My inside sources are not wrong. So wait for the announcement.

[Ayertosco]

This is all India's affect on the market. I can't imagine what will happen when G20 decision comes out. My inside sources are not wrong. So wait for the announcement.

You don't know shit and as you already proved, you can't even read

[Natetan1004]

Another bad news for cryptoworld. This is certainly one of the bad news I read this week. After Facebook ban the advertising another blow that will test the market stability. Many bandwagon cut their losses because this will certainly continues for a couple of days.

[Puroc]

I've just read the latest article on the internet, it is not legal on the country (but never said that every who will use BTC and other crypto currency will be dealt accordingly or will be punish by law), it was stated that usage will be discontinued in the country (never said it will be stop, because I think they are still hoping it will have a great opportunity for their people and the government with proper terms and conditions) let's hope also they think that way for better future of BTC.
Let's hope better changes of BTC situation in India....

[renes]

As crypto is banned or regulated by countries, it will fall for sure but I am sure that in the long term it will come back much stronger. Hodl for years!

[maxim4eg123]

It looks very similar to the ban in Korea not long ago. Do not panic. Then everything will be fine. There are no bans here. You will lose if you panic and sell it

[CryptoAlphaStar]

Guys, why so much panic about India? I don't get it. They are not a big player in the market.
Yes, they are a fast-developing country with huge population, but in the crypto world they are pretty irrelevant so far, compared to China, Singapore, Korea, Japan, USA, Canada, Europe and so on.

[zombies]

Guys, why so much panic about India? I don't get it. They are not a big player in the market.
Yes, they are a fast-developing country with huge population, but in the crypto world they are pretty irrelevant so far, compared to China, Singapore, Korea, Japan, USA, Canada, Europe and so on.

If they are not big players why did the crash happened? They are the reason for the crash. Next crash will be on Feb 6th when the hearing is done.

[preshpr1nce]

Guys, why so much panic about India? I don't get it. They are not a big player in the market.
Yes, they are a fast-developing country with huge population, but in the crypto world they are pretty irrelevant so far, compared to China, Singapore, Korea, Japan, USA, Canada, Europe and so on.

If they are not big players why did the crash happened? They are the reason for the crash. Next crash will be on Feb 6th when the hearing is done.

Is this your logic? we had a crash there for it must be?
Do you even look at the information available? India is nothing, and not only is India nothing, they are actually talking about regulating it to prevent laundering and illegal activity, this is actually a sign of acceptance not a sign of a ban, so for starters you have this very back to front.

Now regardless, if you can't read and understand news and your mind is fixed on India banning it, let's take a look at some volume charts

https://coin.dance/volume/localbitcoins/INR/BTC

So we can see, India on it's best week had a volume of about 700 bitcoins, with an average closer to 300... this is absolute peanuts.

Now let's compare a tiny country with a 1.2 trillion GDP and only 24 million people, Australia
https://coin.dance/volume/localbitcoins/AUD/BTC

Their best week was 2,500 BTC compared to Indias 700 or so and their average volume is over double of Indias.

Now I could of chosen so many countries that have a higher volume than Australia, but I think this gets the point across nicely.

India makes up less than 5% of BTC volume globally

[Vaskiy]

It's been very clear that it is no more a legal tender in India. Government does not recognise Crypto as legal tender. Which means you cannot make or accept payments for goods and services in Bitcoins or any cryptocurrency. So you are still free to buy and sell cryptocurrency on exchanges. This news too got misinterpreted as bitcoin is banned in India.

[zombies]

Guys, why so much panic about India? I don't get it. They are not a big player in the market.
Yes, they are a fast-developing country with huge population, but in the crypto world they are pretty irrelevant so far, compared to China, Singapore, Korea, Japan, USA, Canada, Europe and so on.

If they are not big players why did the crash happened? They are the reason for the crash. Next crash will be on Feb 6th when the hearing is done.

Is this your logic? we had a crash there for it must be?
Do you even look at the information available? India is nothing, and not only is India nothing, they are actually talking about regulating it to prevent laundering and illegal activity, this is actually a sign of acceptance not a sign of a ban, so for starters you have this very back to front.

Now regardless, if you can't read and understand news and your mind is fixed on India banning it, let's take a look at some volume charts

https://coin.dance/volume/localbitcoins/INR/BTC

So we can see, India on it's best week had a volume of about 700 bitcoins, with an average closer to 300... this is absolute peanuts.

Now let's compare a tiny country with a 1.2 trillion GDP and only 24 million people, Australia
https://coin.dance/volume/localbitcoins/AUD/BTC

Their best week was 2,500 BTC compared to Indias 700 or so and their average volume is over double of Indias.

Now I could of chosen so many countries that have a higher volume than Australia, but I think this gets the point across nicely.

India makes up less than 5% of BTC volume globally

You keep on with your illogical ignorance. The fact is doomsday are ahead. The signs are clearly showing. Total marketcap is down by 50% while we compare it to 20 days ago. Soon it will be down to 100 billion. During G20 summit the real affect will be shown, it is the time you remember my ID on your lips and cry like a kid for not listening to me.

[zombies]

So who said India is not a big player can shutup themselves.

[Crypto_4eva]

Crypto will stay strong!