India’s stand on cracking down crypto continues

During today’s presentation for India’s Budget 2018-19, Finance MInister, Arun Jaitley, doubled down on refusing to recognise cryptocurrencies like bitcoins as any legal tender or coin. Rather, he suggested a wider crackdown on cryptocurrency to continue.

However, this remark came after a month since the government cutioned the citizens about cryptocurrencies and linked it to the likes of Ponzi Scheme. This remark doesn’t come as a surprise as the government had made its stance about cryptocurrencies.

While, the statement may make investors and adopters concern about their investment, but Jaitley made no explicit remark about complete ban on cryptos, for now.

Further, crackdown on cryptocurrency doesn’t stop the investors from trading on cryptocurrency exchanges, as Jaitley made no solid statement about banning any of the exchanges.

There are possibilities, that bitcoin-friendly restaurants and other local establishments may be restricted from accepting Bitcoin, but the traders can continue to trade on cryptocurrency exchange.

 

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