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.