No banning in India

Łukasz MirytiukWritten by | blockchain, cryptocurrency, news, regulations

No banning in India

Lately, there is a lot of rumors about banning cryptocurrencies, first South Korea now India.

When it comes to cryptocurrency, mainstream media want to make as much noise as possible.

Misunderstanding

“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.” – Arun Jaitley

Most people understood it as a possibility of banning cryptocurrencies in India. This is one of the reasons why the price of Bitcoin was today around $9.500. However, the truth is slightly different. India government wants to regulate law and eliminate usage of BTC and other cryptocurrencies in illegal activities, such as money laundering.

For last two years, India has been trying to formalize cryptocurrency regulations. Because of those regulations, interest in Bitcoin in India skyrocketed.

In fact, Arun Jaitley said:

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

Panic with banning is similar as it was with South Korea, where the government wanted to secure investors from illegal actions from cryptocurrency exchange markets. Last week they finned them for “not adequate personal data safety.” Hopefully, everything will end well and mass media and all haters will stop posting unverified information.

 

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Last modified: February 2, 2018

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