In India, Bitcoin is not a legal tender. But it is not explicitly termed as illegal. What is the reason for such a stand by Government? what are its implications?
Yeah bitcoin is not a legal tender in India but it is still not officially banned in India either. The reason why it could be at stand by could be that they want to warn people who are trying to do scams or are trying to do money laundering . I think they Would not ban bitcoin but they would imply some restrictions which could eliminate the chances of fraud and money laundering.
I think bitcoin is not legal tender for india but new tender for india, they are working on it and I hope they will come up with solution of legality of bitcoin.
What kind of solutions do you think the government is eyeing for? What do you mean new tender? Personally, India will not make bitcoin and crypto legal, however, they might impose a tougher regulations. Remember they have to demonetized rupees for quite some time because they want to curb out the dirty money. So imagine what they gonna do with crypto's. I think its much better to see them regulated it the way other nations like South Korea is doing. India is a big market for bitcoin, if they decided against it, we will see another huge impact to the current market. Let's see how it pans out, but I'm betting that they are not going to put a hammer ban.