The Finance Minister of India,Mr Arun Jaitley in his budget of financial year 2018-219 addressed the cryptocurrency world by making a few statements-
1-Cryptocurrency is not a legal tender in India
2-India will make sure that cryptocurrencies are not used in financing illegal activities.
3-India wants cryptocurrency to not be a part of payment system.
Now let us analyse the above statements and reach a conclusion,
1-The Reserve Bank of India had made it clear that cryptocurrencies are not a legal tender in India,so why the FUD?
2-One of the major reasons why the B.J.P led government by Sri Narendra Modi was elected in the 2014 elections was,It promised to bring the so called Black Money back to India and take all legitimate steps to stop financing of illegitimate terrorist activities and hence the finance minister made the above statement.
3-Blockchain is unstoppable,no country in the world and stop anyone from its use.
Economic Affairs Secretary of India,head of the committee filing report related to cryptocurrencies made a statement and I quote-
Crypto assets cannot move into the financial system as such.You can't prevent everyone from what they consider valuable.If somebody may call them irrational,consider that crypto asset is valuable for them then it is fine.But people should not fall prey to such assets without understanding.It is governments duty to see that.
Conclusion-India is not banning cryptocurrencies,it will leave upto the super judgement of its 1.2 billion people wheter to be a part of the new system or not.
Comment on this post and let me know what is your take on it?