India Declares Bitcoin Not Legal

As digital currency is making its way to move along with the traditional market and support the world economy, there are still some countries that don't approve of it. The Government of Indian has declared the digital currency not legal or backed by the Indian government. India has announced to eliminate the use of cryptocurrencies. However, India will continue to support blockchain technology as a step towards building a strong digital economy.
 
As stated by Mr. Arun Jaitley, Finance Minister of India, in his annual budget speech,
 
“The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payment system.”
 
However, in the same speech, the minister told that the government will explore and work on blockchain technology to speed up and move towards the digital economy. Well, this is kind of conflicting to their action of illegalizing the cryptocurrency. Also, it will impact tens of thousands of investors also who see cryptocurrency as a potential investment opportunity, after having seen a great rise in its market value in recent months.
 
The Thompson Reuters reports that several thousands of investors have already faced legal notice from the Income Tax Department warning these investments to be considered as Ponzi schemes.
 
Well, for India to become a Digital Economy, the government needs to lose some strings and allow cryptocurrency trading, though, with strong policies and a bunch of security regulations, for Cryptocurrencies like Bitcoin, Ethereum, Tron, and Ripple etc. may define the future of the economic world some day.
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