Today India's Union Budget was announced by the existing government. The budget has been a talk of the town as this was the last chance for the existing government of Narendra Modi to reestablish his dominance on the 1.2 Bn population of India which is very very emotional and illiterate when it comes to making important decision like voting for government.
During his address to the congress, current Indian financial minister Arun Jaitley said the following thing which really burst the bubble of millions of enthusiastic crypto investors from India, "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".
I understand the decision was taken to curb the impulsive investing by Indians into an unpredictable technology, but doesn't it raise another question? IS this government values the centralization of financial control on the Indian transactions when major portion of Forex comes from foreign remittances & India exports most of its brain power to western nations. Crypto currencies may open up a much faster and easier way for Indians to start earning in global currencies and start making mark globally.
This decision kind of puts brakes on the dreams of thousands who have been waiting for the next bull run which is imminent in few days in the crypto market. Maybe this decision will delay the bull run or it may not, as we know India has two parallel economies running simultaneously & indians are pretty good at finding loopholes in the systems to find great returns.
On a lighter note, what will happen to Amitabh Bachhan's Millions from bitcoin?
Waiting for the world to lash out and reading more reports like these.
https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/
@originalworks
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