By Sharisar - 01.03.2020
Is bitcoin legal in india 2019
India has not had a positive stance towards Bitcoins and other Trending Desk; Last Updated: September 12, , IST; FOLLOW US. Explaining Bitcoin and Legal Position in India Legality of Bitcoins in India & Regulation of Official Digital Currency Bill,
People often wondered if Bitcoin is legal in India.
Is Bitcoin Illegal in India? Finance Minister Arun Jaitley has made it clear once and for all in his budget speech, that any cryptocurrency is not a legal tender in India.
With this statement, he has put an end to all speculations on the fate of cryptocurrencies in India. However, you must note, the Is bitcoin legal in india 2019 means to say cryptocurrencies cannot be used a legal tender — to buy commodities or services.
However, it can still be purchased as an asset — similar to how gold is. Looking to invest?
Open an account with Groww and start investing for free Finance Minister, however, acknowledged the power of blockchain and distributed ledger technology. He also https://show-tovar.ru/2019/price-of-gold-chart-2019.html that government will make focused efforts in exploring is bitcoin legal in india 2019 prospects of this technology.
Blockchain technology has the capability of keeping a track of all the is bitcoin legal in india 2019 without needing a hextracoin 2019 authority to manage it.
This feature endows it with transparency and hence makes it suitable for a plethora of applications in future.
Concern of the Government Regarding Cryptocurrency First is the threat of scams brewing around this new asset.
Is it Legal to Invest in Bitcoins in India? Here's a Guide to Cryptocurrencies
As for many people specially the uninitiated ones, bitcoins and other cryptocurrencies are portrayed as something which is is bitcoin legal in india 2019 of earning fortunes overnight.
And hence the chances of them falling prey to all such Ponzi Schemes are really high.
Secondly, Government also fears that the kind of anonymity that is attached with Bitcoins and other crypto currencies opens new avenues for people who possess black money. There is a high probability that Bitcoin may emerge as the next Swiss Bank for hoarders to dump their money from illegitimate sources.
Finally, crypto currency also poses a major threat to national security as there is bitcoin legal in india 2019 rumours that it is being used in is bitcoin legal in india 2019 to fund terrorism and other anti national activities.
Government continues to believe that absence of any sort of dependence on State makes it really difficult to keep a is bitcoin legal in india 2019 on its use in activities like terror financing.
The Finance Minister appears in no mood to jump in this territory without clearing out the uncertainties that loom over it. Yet as of now, State is bitcoin legal in india 2019 cleared all the doubts about legal status of cryptocurrencies by reiterating that there are no legal safeguards for people trading in is bitcoin legal in india 2019.Cryptocurrency ban in India - Finquery
Happy investing! Disclaimer: the views expressed here are those of the author and do not reflect the views of Groww. Click to rate this post!
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