A government committee of India investigating the matter of bitcoin.

usekevin

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Quote from: suvo05 on February 03, 2018, 01:54:42 PM

In an interview of public TV channel finance minister Arun Jaitley have said that he have announced "bitcoin is not a legal tender" but did not banned it. There is a committee which is investigating the matter and will come up with a major decision, which will be declared latter . Also government want to discourage people to investing in bitcoin.

It's a very good news for the trader in India. Just hold the bitcoin till it will be banned fully. Bitcoin is legal in India, some media wrongly focus the words from the finance minister. They added investment of your money is based on your risk and in the payment bitcoin should not be accepted as one of the payment.

player514

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Quote from: suvo05 on February 03, 2018, 01:54:42 PM

In an interview of public TV channel finance minister Arun Jaitley have said that he have announced "bitcoin is not a legal tender" but did not banned it. There is a committee which is investigating the matter and will come up with a major decision, which will be declared latter . Also government want to discourage people to investing in bitcoin.

For everyone following this thread, take a look at this article that came out 8 hours ago:

https://www.google.com/amp/s/techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/amp/

Starts off with: "Reports of the death of Bitcoin in India have been greatly exaggerated."

Note that the finance minister stated that it's not a legal tender but that the government is looking at ways to eliminate the uses of the crypto assets in illegal activities. Furthermore the government actually wants to use blockchain technology in their systems to streamline processes.

ladydark

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Quote from: suvo05 on February 03, 2018, 01:54:42 PM

In an interview of public TV channel finance minister Arun Jaitley have said that he have announced "bitcoin is not a legal tender" but did not banned it. There is a committee which is investigating the matter and will come up with a major decision, which will be declared latter . Also government want to discourage people to investing in bitcoin.

Yes we could understand that even though the indian government is not in favor of bitcoin,but yet it has not banned it as the government knows very well that they could not ban it completely unless internet gets banned completely which is not possible.May be the committee could come forward with some recommendations to regulate crypto currencies.

jimbo2000

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legal tender and illegal are entirely different things. They are not mutually exclusive, something can be neither legal tender nor illegal. They have already said they will not look to harm crypto but will look to stop its use for illegitimate activities, as well as announcing they are really encouraged by the blockchain technology.

Lecam

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Quote from: suvo05 on February 03, 2018, 01:54:42 PM

In an interview of public TV channel finance minister Arun Jaitley have said that he have announced "bitcoin is not a legal tender" but did not banned it. There is a committee which is investigating the matter and will come up with a major decision, which will be declared latter . Also government want to discourage people to investing in bitcoin.

I hope that bitcoin crisis on India would be worked out the same way in our country. Here in Philippines, bitcoin was not banned, but the government and the central bank is finding a way to regulate it. They are not encouraging people to invest on it since it is an unsecured investment, however, they did not directly tell people not to invest on it. Maybe in the future, the government will see cryptocurrency as a new way to help people do transactions with ease and convenience.

suvo05

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In an interview of public TV channel finance minister Arun Jaitley have said that he have announced "bitcoin is not a legal tender" but did not banned it. There is a committee which is investigating the matter and will come up with a major decision, which will be declared latter . Also government want to discourage people to investing in bitcoin.

Topic: A government committee of India investigating the matter of bitcoin. (Read 104 times)