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Indian Finance Minister's 2018 Budget Speech created Panic in Crypto Currency World

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  1. #1
    Savera's Avatar
    Savera
    Savera is offline eTI Aluminium

    Indian Finance Minister's 2018 Budget Speech created Panic in Crypto Currency World

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    We know that Cryptocurrency is so much sensitive to speculations and today Bitcoin markets were reacting to fresh regulatory comments on crypto from India’s finance Minister Mr. Arun Jaitely.

    He delivered fifth and last Union Budget 2018-19 for the current Government, today Feb 01 2018. While talking about cryptocurrency and blockchain, he said,

    The Govt. of India have been studying the blockcain technology and cryptocurrency for a while, now has decided to go with exploring opportunities to utelize the technology; whereas yet not ready to give any consideration to cryptocurrency.

    “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system”

    Later Mr. Jaitly added:

    “The government will explore use of blockchain technology proactively for ushering in digital economy, ”

    Clearly there is nothing mentioning that India is banning Cryptocurrency out right or something like that but a fuzz or fud has been created all around that India is banning digital currency like Bitcoin, Ethereum, Monero etc.

    After Jaitley noted in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto, a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media.

    Markets in turn fell in trading on Thursday, Bitcoin dipping below $9,512 after breaking $10,300 Wednesday, Jan. 31, data from Bitstamp shows.

    Savera......

  2. #2
    Savera's Avatar
    Savera
    Savera is offline eTI Aluminium
    In my views, its nothing and Indian Govt is more worried about misuse of cryptocurrency to evade taxes by means of transactions as well use in illegal activities. Probably, like many other Govts around the world, Indian Govt. is skeptical about its control on digital currency and hence the words.

    On the other hand, Indian Govt. is exploring use of Blockchain technology. So may be we can see something similar to digital currency from Indian Govt. officially, albeit more controlled by Govt.

    Savera......

  3. #3
    Gabrial's Avatar
    Gabrial
    Gabrial is offline Newbie
    Quite fascinating but I am one of the guy who knows nothing about digital currency

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