Budget 2018 came on February 1. In speech of Mr. Arun Jaitley (Finance Minister of India) end the dream of bitcoin holders. Is it really the end of the Bitcoin dream. One transaction in every 10 bitcoin transaction is done in India. Indians have been keen to invest in Cryptocurrency rather than keeping their money in Banks. Then why did rumour results in Cryptomarket crash. 100 Billion US Dollar had been debited from the crypto markets in last 24 hours as per coinmarketcap. Cryptocurrency Bloodbath is done. All of the market suffered a lot from this. But Is it really the end.
India Bitcoin Ban – What You Must Know
India Bitcoin Fud – Mr. Arun Jaitley Speech
Mr. Jaitley said in his speech
Government does not consider cryptocurrency as legal tender, and we will take all steps to eliminate the use of crypto assets in financing illegitimate activities or as part of payment system. The government will explore the use of blockchain technology to usher in a digital economy.
So, what can we interpret from this, Bitcoin is illegal in India.
No, this is false. Cryptocurrencies are always beyond the control of government. This is what it aims for A Decentralised Currency. Bitcoin or other cryptocurrencies have neither intrinsic value like gold, copper nor it’s valued by the government policies like US Dollars or Indian Rupee.
The value of bitcoin or any cryptocurrency is decided by only the buyer and seller only. If there is no Buy order it’s value would be nullified and if there is no sell order the value of bitcoin could skyrocket.
And as in statement they had indicated government would take steps to eliminate use of crypto assets in financing illegitimate activities or as part of payment system. Crypto technology is new and it’s obvious to government to fear about the same. Previous bans like China or Korea ban were also be solved and it showed the government across the globe willingly or unwillingly want to adopt the blockchain technology. But they have fear about the same. and Indian government also want to adopt the blockchain technology but they fear the dark side of the same.
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You can also see full speech of India Budget 2018 here.
Indians Love Blockchain Technology and Bitcoins
Indians love bitcoins, one in every ten transaction is done in India. If you are not satisfied with this fact you can refer these.
- Indians like to invest in cryptocurrencies rather than keeping their money in banks.
- In Spite lack of options available Indians does had invested in Cryptocurrencies. Most of the investors in India like to carry out trading but due to lack of options available it’s hard for them
PundiX aims to launch its POS terminals in India to help people buy, sell and transact cryptocurrencies over the counter. Which is postponed due to announcement in Indian Budget 2018. However there are some restaurants and cafe in Bangalore which does accept Bitcoin and other Crypto as payment option.
- Bitcoin price in India is always around 20% more than the global price. And then also India’s craze over bitcoin is not over. they still wants to invest in the same.
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So, Bitcoin Dream is not over yet. I will recommend you to Buy the Dip you won’t be able to see these prices again. Governments does afraid from the anonymity and other aspects of cryptocurrencies. But they cannot neglect the advantages and uses of the same. At this point of time government does have adequate resources and knowledge to get full advantage of blockchain and in the speech of Mr. Arun Jaitley, he also does fear of the use of cryptocurrencies in illegal activities. But no one can neglect the advantages of the same, and he added ‘The government will explore the use of blockchain technology to usher in a digital economy’. It’s not the end of Bitcoin dream.