India in no way prohibits cryptocurrencies or their trade on the stock market. Indian Finance Minister Arun Jaitley delivered the state budget for 2018-2019 when he touched on crypto problems and their use in the country.
Jaitley said:
"The government does not consider crypto as legal currency or coins and will take all measures to eliminate crypto use in financing unauthorized activities or as part of the payment system. "
Points to remember from the statement are:
Indian authorities do not recognize bitcoin as a legal tender. The Indian government will crack down on the use of cryptocurrency in illegal activities and; Indian authorities will prevent people from using cryptocurrencies as a payment instrument.
Jaitley did not comment on the ban on krypton, or reported a crackdown on cryptocurrency trading. A side note - Indian tax authorities actually use cryptocurrency trading to hunt down tax evaders.
In April, the Reserve Bank of India gave banks three months to cease any activity with cryptocurrencies. The Supreme Court stood by the RBI’s blanket ban on crypto transactions despite the central bankers admitting that they had no guidance and did no research on blockchain or cryptocurrencies when deciding their new policy. (They had no clue how it works, they just wanted Bitcoin or any other cryptocurrency OUT of the system, so they can peacefully continue to steal money from average people - every day...)
However, it should be of no surprise that crypto has been dismissed out of hand by Indian authorities as they are in the process of the world’s largest IT project - phasing cash out of its economy and digitizing its currency.
Meanwhile, the Indian rupee (INR) has been one of the worst performing emerging market currencies against the USD this year.
India in no way prohibits cryptocurrencies or their trade on the stock market. Indian Finance Minister Arun Jaitley delivered the state budget for 2018-2019 when he touched on crypto problems and their use in the country.
Jaitley said:
"The government does not consider crypto as legal currency or coins and will take all measures to eliminate crypto use in financing unauthorized activities or as part of the payment system. "
Points to remember from the statement are:
Indian authorities do not recognize bitcoin as a legal tender. The Indian government will crack down on the use of cryptocurrency in illegal activities and; Indian authorities will prevent people from using cryptocurrencies as a payment instrument.
Jaitley did not comment on the ban on krypton, or reported a crackdown on cryptocurrency trading. A side note - Indian tax authorities actually use cryptocurrency trading to hunt down tax evaders.
In April, the Reserve Bank of India gave banks three months to cease any activity with cryptocurrencies. The Supreme Court stood by the RBI’s blanket ban on crypto transactions despite the central bankers admitting that they had no guidance and did no research on blockchain or cryptocurrencies when deciding their new policy. (They had no clue how it works, they just wanted Bitcoin or any other cryptocurrency OUT of the system, so they can peacefully continue to steal money from average people - every day...)
However, it should be of no surprise that crypto has been dismissed out of hand by Indian authorities as they are in the process of the world’s largest IT project - phasing cash out of its economy and digitizing its currency.
Meanwhile, the Indian rupee (INR) has been one of the worst performing emerging market currencies against the USD this year.
https://www.xe.com/currencycharts/?from=INR&to=USD&view=10Y