Here is the 4th article of MIIM talks & today will be talking about the Cryptocurrency banned in India. Some days ago I saw some articles saying cryptocurrency banned in India. Initially, I was shocked. Now got to know the truth from Forbes.
During the national finance budget, Finance minister Arun Jaitley said that the country does not recognize Bitcoin as legal tender and steps would be taken to penalize crypto payments. This statement was flurry for those who have invested in cryptocurrency and to invest. However, this statement wasn’t that much true. yeah! cryptocurrency may not be the legal tender but it isn’t banned in India at all. Let’s see the truth…
Cryptocurrency Banned In India?
After the Jaitley’s statement, the price of bitcoin was fallen down to $7000.
After the finance budget announcement, the secretary of economic affairs SC Garg stated that ‘the government will set up a panel to examine trading of crypto assets in unregulated exchanges’. The panel may submit its finding in a report till March 2018.
But which is the statement which clearly states that cryptocurrency isn’t banned in India. Ajeet Khurana is head of the Blockchain and Cryptocurrency Committee (BACC). He is one of the people among the people who’re working towards the spreading awareness on cryptocurrency.
Here is what Mr Khurana said, “I was happy that cryptocurrency at least found a mention in the country’s national budget. “I recognized that it was a step in the right direction. Having the finance minister say that cryptocurrency isn’t legal tender is perfectly logical –– every nation barring Japan has taken this stance. It doesn’t mean crypto trading is illegal but comes with its own risks like any other investment asset in the market.”
Clearly, Mr Khurana stated that Crypto trading isn’t illegal.
By the statement “cryptocurrency is not legal tender” means that it may be illegal to use bitcoins or any other cryptocurrency in any shop. But buying & selling cryptocurrency is legal.
So, guys, we don’t have to worry. Buying and selling cryptocurrency n India is legal and hope it’ll be legal in future.
Hope you find this article helpful. Thanks for Reading.