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Author Topic: Bitcoin is not legal tender in India  (Read 54 times)
Alok_Yadav
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February 01, 2018, 03:43:04 PM
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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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February 01, 2018, 03:49:08 PM
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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.
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February 01, 2018, 03:50:30 PM
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India is primitive country like china
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February 01, 2018, 03:52:41 PM
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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.
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February 01, 2018, 03:53:03 PM
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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,

For Telugu Translation Contact to me
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February 01, 2018, 03:53:34 PM
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TLDR no rules changes, but it's great for clicks.
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February 01, 2018, 03:56:34 PM
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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.

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February 01, 2018, 04:00:03 PM
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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
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