With the government budget for 2018-2019 officially presented yesterday, some rumors have been swirling around about India's stance on crypto. Like many other governments, India fears that crypto will weaken their hold on monetary control of their countries finances.
That said, the following quote from the union's document doesn't exactly inspire confidence:
"The government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or a part of the payment system.”
At first glance, it's understandable how this could be misconstrued to imply that the Indian government is trying to limit cryptocurrency usage in payment for goods and service.
But based on comments later in their document, this does not appear to be the case. In seems that finance minister Arun Jaitley, the presenter of the document, meant that crypto could not be used in lieu of Indian rupees - similar to US dollars, Euros or pounds - to make purchases.
Buying and selling crypto on an exchange with fiat is still legal. Exchanging one crypto for another is still legal as well.
Later on Jaitley is quoted as saying, "The government will explore use of blockchain technology proactively for assuring in digital economy."
Substandard grammar aside, it seems that the Indian government recognizes the power that blockchain technology has in revamping our social fabric.
Furthermore, it would be foolish for any government to attempt to limit the usage of cryptocurrency. Its decentralized nature and makes it virtually impossible to stop P2P transactions between parties.
Despite the incredible poverty of most of the Indian population, India has a powerful economy and is extremely tech savvy. I would be surprised if they don't become a leader in the blockchain space in the next 5 years.
Can't get enough of me? Follow me on Instagram!
Check out some of my other posts here:
- How To Be Successful In Just 100 Hours A Week
- Discipline, Fearlessness, And Other Lies Sold To You By Clever Marketers
- The Problem With PentaCore And Cryptocurrency Mutual Funds In General (And What To Do About It)
- Stock Trading Platform Robinhood Latest Company To Cash In On Crypto Craze With New Cryptocurrency Exchange
- How To Actually Get More Likes And Followers On Instagram
- Japan's Largest Bank Set To Open Cryptocurrency Exchange In April 2018
- There Is Now A Japanese Cryptocurrency-Themed Pop Group
- WaltonChain (WTC) Voted #1 At SE Asia Blockchain Summit... but who cares?
- Basic Attention Token (BAT) - another token that unsuccessfully answers the question, "Why not just use an ad blocker?"
- Request Network (REQ) setting up a $30 million dollar fund for startups
- If Warren Buffett Invested In Crypto, He Would Stock Up Now While The Market Is Collapsing
- Dispelling The Myths Behind Tron (TRX), The Most Misunderstood Coin In Crypto
- VeChain (VEN) Being Shilled HARD In r/Cryptocurrency - 50 Posts In The Last Week
- Switzerland Sees Crypto As Their Chance To Woo Drug Dealers, Saudi Princes And Shady Billionaires
- NVIDIA Blasts Retailers For Selling GPUs To Cryptominers Instead Of Gamers
- The No BullShit Guide To Being Successful (Read This To Die Instantly)
- Schizophrenic South Korea Can't Decide If They Want To Ban Crypto Or Not
- I'm Not A Religious Man, But I Thank God For Every Failure I've Ever Had
- Why Creative Work Is Its Own Reward And How To Get Better At The Things You Hate
Follow, resteem and smash dat mf like button...
Fookin Nuttin lmfao bru keep up the good work see you at the top
Your post was resteem by Whale ResteemService @booster007 & @boostupvote
Resteem over 9000+ Followers
Keep it up!
All the best!
First Follow for 3 hours | Send a minimum transaction 0.100 steem/SBD with post URL in memo | Your post gets resteemed | A post can only be resteemed once!
Coins mentioned in post:
Resteemed by @resteembot! Good Luck!
Curious?
The @resteembot's introduction post
Get more from @resteembot with the #resteembotsentme initiative
Check out the great posts I already resteemed.
You got a 11.13% upvote from @minnowvotes courtesy of @yallapapi!
Sex sells.... they exit scammed us in a glorious fashion! Read below.
https://steemit.com/bitcoin/@marioiii/best-exit-scam-so-far
1.54% @pushup from @yallapapi
Thanks for info:)
No problem!
Great:)
This post has received a 1.46 % upvote from @boomerang thanks to: @yallapapi
Resteemed to over 10700 followers and 100% upvoted. Thank you for using my service!
Send 0.200 Steem or 0.200 Steem Dollar and the URL in the memo to use the bot.
Read here how the bot from Berlin works.
We are happy to be part of the APPICS bounty program. APPICS is a new social community based on Steem. The presale was sold in 26 minutes. The ICO will start soon. You can get a account over our invite link: https://ico.appics.com/login?referral=1fRdrJIW
@resteem.bot
India is really technology savvy, people from my country travel to India for medical reasons for technological advancement in health. So I think India will be in the fore front of promoting cryptocurrencies.
Why some countries forbid crypto, and why
On the count of tree, f banning crypto
Nice photo frieand