Bitcoin is not legal tender in India

[Alok_Yadav]

Today, finance minister Arun Jaitly said that bitcoin and such other cryptocurrencies are not legal tender in India. What would be the future of cryptos in India ? Is the govt gonna ban cryptocurrencies?

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[jtipt]

The government does not recognise cryptocurrencies 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

This is what he said exactly. Cryptos are not a legal tender in sense that you cant go in a shop and buy some stuff with it, it has been like think since the beginning. This does not mean India will ban the use of cryptos. This changes nothing.

[tuskacz]

India is primitive country like china

[happycamper69]

Looks like those being heavily short bitcoin futures wanted to turn his words from not being legal tender into spreading FUD that bitcoin is illegal in India.

Fast easy money shorting bitcoin through trading paper short contracts.

They are doing same stuff - naked shorting with gold and silver futures contracts for decades.

[endlasuresh]

Today, finance minister Arun Jaitly said that bitcoin and such other cryptocurrencies are not legal tender in India. What would be the future of cryptos in India ? Is the govt gonna ban cryptocurrencies?

First of all find the CRYPTO OWNER where he exists, do you see BITCOIN founder here or anywhere? Arun Jaitly did correct thing because of operating illegal things like terrorism.

I think Arun jaitley need to understand scam chain technology for processing payments,

[evilgrin]

TLDR no rules changes, but it's great for clicks.

[Thanasis]

Today, finance minister Arun Jaitly said that bitcoin and such other cryptocurrencies are not legal tender in India. What would be the future of cryptos in India ? Is the govt gonna ban cryptocurrencies?

It doesn't menat they are going to ban crypto currency usage in their country.Maybe they are going to put taxes for the bitcoin usage because now only they realized many traders are getting benefits from crypto earnings without paying any taxes to the government.

[concoin112]

Today, finance minister Arun Jaitly said that bitcoin and such other cryptocurrencies are not legal tender in India. What would be the future of cryptos in India ? Is the govt gonna ban cryptocurrencies?

No, that's misunderstanding news that cause the crash today. Here you see https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech