So there are a lot of people spreading word about how Arun Jaitley our very own finance minister today said in budget that Bitcoin will not be allowed to be a legal tender. Moreover govt. will try to curb use of bitcoin for illegitimate activities as well as shift it out the system.

Question : Is it banned?
Answer: No, It is still not banned. Banning meanings complete restriction on holding, trading, transferring bitcoins. Anyone found doing this will be penalized. There is still no such penalty so no its not yet banned in India.

Question: If its not banned then why not legal tender?
Answer: Bitcoin doesn't really needs a legal tender. The legal tender will be of no use to bitcoin. Moreover it will bring some inflow of money laundering using which the whole money will flow outside the fiat system making it difficult to control economy.

Question: What in future?
Answer: If they have said that such activities will be tried to curb then its obvious India might bring in some laws which will limit or even may shut usage of bitcoin in future. Remember there is nothing as such now.

Question: What should we do?
Answer: You can have two approaches. If you are ready to take a bit of risk but to enjoy using bitcoin hold it and wait for any further announcements. or have a pessimist approach and withdraw your money altogether and live a happy and peaceful life.

I hope I have contributed a bit in removing the FUD.