Making Sense of Indian Finance Minister's Statement in Parliament—Cryptocurrencies Aren't Banned In India!
Indian government’s stand on cryptocurrency hasn’t changed in the past few years. They aren’t happy about cryptocurrencies. In recent times they have left no stones unturned in arm twisting exchanges and citizens from trading in these cryptoassets (as they like to call them instead of cryptocurrencies). Their definition doesn't change anything or the fact that Indian citizens will do as they feel is right for themselves!
The government here doesn’t recognize these cryptocurrencies as currencies because they don’t have any intrinsic value amongst a whole lot of other factors-so they claim to be. Cryptocurrencies have value because people who are invested in them say so. Fiat currency has value because a government says it does and enforces it by force.
I have to admit, I feel rather good about picking up some cheap coins in the past few days at the lows that we’ve witnessed. Cryptocurrencies are here to stay. Having said that, let me help make sense of the real world implication of his statement. Many people are still confused about it days after it has happened.
The freedom to earn a legitimate income and spend it anywhere as desired is the right of any citizen of a democratic nation. Atleast on paper that's what it's supposed to be!
Finance Minister Arun Jaitley in his budget speech had said that cryptocurrencies are not legal tender and will take measures on their use as part of payment systems. "The government does not consider crypto-currencies 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 payment system," Jaitley said in a statement during the budgetary session.
Fact is that you cannot buy or sell goods for cryptocurrencies but you are currently free to trade. Don't let anyone tell you otherwise. There is absolutely no issues with trading your Bitcoins and alt-coins.
The aforementioned statement from the Finance Minster left most uninformed noobs trading on exchanges in India to panic sell. This was a good opportunity for seasoned traders to take off these cheap bitcoins from weak hands.
When you elect monkeys to positions of authority they are bound to create chaos. Chaos leads to change, and sometimes it can be a good thing. But, it can also have far reaching undesirable consequences. Government propaganda and corrupted forces amongst mainstream media sometimes work hand-in-glove to ensure people are left in a lurch over their freedom to choose.
But here’s a bit of smart journalism from one of the top female anchors in India, ‘Shereen Bhan’.
Dear readers of my blog please be informed and don’t let mainstream media, government warnings and misleading statements of our finance minister fool you into believing that cryptocurrencies are banned in India. They are not. You can trade them whether our government likes it or not. It's business as usual for all exchanges in the country.
Don't let the cryptocurrency fire burn out in India! It's upto all of us to stand our ground and ensure the government works for us and not the other way around.
However, I'm pleased to tell you that it's fantastic that cryptocurrency has made waves into the parliament so much that it got a mention during the budget. Great things are yet to come. Let us wait and watch patiently as ever!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From India Steem Meetup #1—Jaipur Edition!
- Announcement: Steemit Meetup in New Delhi - 11th Feb, 2018
- Steemit.Chat Contest #15 + Contest #14 Winners Announcement!
When you encash to Indian rupees, there is no clarity over what tax you should pay. Have you dealt with this ? I mean withdrawn the amount in INR ? And if yes, what kind of tax we need to pay ? Any insight on this would be really helpful.
Right now in India, it is very difficult to cash out because major banks in India have stopped receiving transaction deposits from exchange platforms like bittrex and so forth.
https://qz.com/1174340/indias-bitcoin-exchanges-under-pressure-as-banks-choke-payments-and-withdrawals/
I don't think, its right, there are so many exchanges now in India, you can easily transact. I myself do. Only the tax aspects are not clear.
VERY NICE JOKE :ů) they starting to be like China :ů) there is a small issue with all of this...CRYPTO IS NOT POSSIBLE TO BAN...if me and you accepting it as currency :ů) so njoy
https://steemit.com/bitcoin/@mfg/blockchain-technology-in-near-future-deep-analize-of-humanity-fate-and-will-must-read-bitcoin-cryptotities-cryptokitties
#CRYPTOCARTOONS (bring in some fun in dip times) watch and like it on dtube
‘Shereen Bhan’ is the man :ů) hes got a suitable name for :)
https://steemit.com/bitcoin/@skorek/best-bitcoin-idea-5-first-satoshi-school-is-born
They seem to be playing the same bullshit China did and trying to make a profit off it. Ah you gotta love governments
It's a love/hate relationship :)
@bitcoinflood I don't believe in these news about governments. There is always something behind.
Like bans ads on Facebook. Mark is preparing some release...
Yah well Governments and big banks just play it differently and create this fear which affects small investors like me. Anyway market is recovering so hopefully things will continue to improve. Patience is the key and we should do our research before investing in crypto assets.
The government of any country can never make Crypto-Currencies a legal tender as they are not issued by Fedral/Central authority, however Crypto-Currencies can currently be classified as "movable property" and appropriate regulatory permission and taxes can be applied. No democratic nation can ever think to ban crypto-currency. So, they are proposing to discuss it in upcoming G20 summit.....
You hit the nail on the head! There was so much FUD the last few days over this. Even in British media they were hanging onto the phrase India is banning cryptocurrency. They are actively spreading the message that cryptocurrencies are a criminal financial network and unwelcome. In reality, the asset bigboys and bankers are panicking because it is a direct threat to their influence. They will no longer be in control of the people, or be able to pin people down by imbuing them with debt, and the sudden realisation that power is finite scares them something silly. There is literally no way that cryptocurrency can be banned: it is a worldwide network spread across multiple platforms to ensure its continued success. I follow closely, John McAfee who is a real fan of cryptocurrency, and in his words he states that Bitcoin is not crashing, it is bending against the will of impotent governments trying to win back control through fear.
he also added that ..... "They will explore the use of blockchain technology to add muscle to the digital economy"....what does that mean?
They are not discounting blockchain what they want is a blockchain that they can have some control similar to what Andreas antonopoulous said in one of his talks
You must be careful..just open your eyes, it has pattern, there is global coordinated attack on cryptocurrenies, banks and governments are behind it, especially banks, nevertheless very people will get very, very angry, and that will be their endo, they are underestimating power of the people and the anger of the people.
Good. Stay mad :)
Everyone deserves to trade cryotocurrency, there are the damn future,! Damn whatever anyone says ::
Damn right! :)
You simply cannot trust Indian media.