Arun Jaitley (the Minister of Finance) stated: "Through multiple notifications, the two parties (the government and the RBI) have notified the public over and over again that bitcoins will not be considered legal or legal tender in India"
The Government of India has formed a committee to regulate cryptocurrency currencies.
So,
"Legal tender versus being illegal"
Being "illegal" and not being considered "legal" are two completely different things. Cows are not "legal tender" in India, but are used for trade and barter. The fact that a government does not consider it "legal tender" does not mean that it is "illegal" to use or possess. But they try. India and China tried to ban gold at 0.01% a few years ago, and even the United States banned gold at 0.01% in the 1930s, all it did was force people to accumulate. The best they can do is try to "scare" people and accumulate the underlying assets they have made in 0.01% gold and probably also in Bitcoin.
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@thomasawa I do agree, their major plan is to postpone the changes which are coming soon enough with blockchain.
@thomasawa, you can't just copy and paste stuff from trading view without at the very least referencing the original author. You even have the percent change (0.01%) and you didn't bother to remove it from your comment. Shameful.
@elmagnoon
First I wanted to tell you that I do not run, I flight.
In tradingview and I do not like to say this, but for you to have it in mind I am an influencer.
We have written that article together after long talks because he is one of my best friends and maybe the best TV trader.
Why do I tell you what flight? Read your comment.
You use the same concepts of legal and illegality, you mention China and India, about the argumentation of gold and percents. You even talk about the 1929 crisis.
Now, before writing something, if you want to contribute, add and grow, first think that your words are more important than saying nothing.
I saw your blog and the only thing you do is resteem the whales.
Content, ethics, contribute.
And I finish with this sentence: When A criticizes B, he is really talking about A.
@elmagnoon respect or reestem
@bunnychum
I inform you so that you are aware
@thomasawa Then I owe you an apology. Goldbug is one of my favorite TV analysts and if he's your friend and you wrote the article together, then again, accept my apology.
@thomasawa It's nice to know that you have contributed to that article, I have read it and really admire the work behind it.