A year ago, when Government of India considered the bitcoin among different digital currencies an illegitimate tender, it prompts a turmoil among the investors. Presently, the circumstance has been exacerbated with Arun Jaitley’s declaration on Thursday, to such an extent that it has prompt the reports of the demise of bitcoin in India.
Be that as it may, it has been extraordinarily misrepresented. The headlines of bitcoin party being over in India added to the pressure on digital currencies.
However, it’s not all plain black and white, there are a considerable measure of grey areas here. Jaitley definitely did not think of them as a legitimate tender and talked tough on bitcoin and different digital currencies. In any case, there is no ban, yet. The Indian government’s arrangement on controlling the digital currencies are still unclear.
On being asked the kind of measures government will take for consumer protection, Arun Jaitley said:
“On December 24, 2013, the RBI and the Government of India have consistently maintained a position and made it public that it is not a legal tender in India.” Jaitley further added, “Expert Groups, under secretary department of economics affair have been set up on how to deal with this situation for which the report is still waiting.”
Back in April, the government set up a team to investigate the cryptocurrency market. Without any regulations being set up yet, bits of rumors are developing drastically.
On being asked if he would consider quick direction to forbid its purchases and exchange with prompt impact, Jaitley remarked:
“The government is awaiting the report for what steps to be taken on immediate action, only once the report comes the measured action would be taken.”
The Finance Minister, however, sounded positive about the blockchain technology as evident by his statement:
“Distributed ledger system or the blockchain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider cryptocurrencies 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. The Government will explore the use of blockchain technology proactively for ushering in the digital economy.”
The Indian government’s position on not perceiving crypto as a lawful tender has just been clarified by Jaitley, back in December. However, there is nothing unequivocally expressed by him on the ban. Truth be told, Jaitley said the means will be taken on the basis of the report and learning from the worldwide encounters as in how the world manages this worldwide wonders.