Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Ban In India
by
BITSSA : BITCOIN EXCHANGE
on 14/09/2018, 08:27:31 UTC
We at bitssa.com believe that India will accept Bitcoins sooner or later. In his budget speech of 2018, Indian FM Arun Jaitley rightly pointed out that "Cryptocurrency is not a legal tender" which means it is not like any other regular fiat currency which can be used for buying or selling products and services.  However, this does not mean buying cryptocurrency is illegal in India. It is just a matter of time when the Indian Government will seriously consider the option of giving legal status to Bitcoin in India. There were some real fears on account of which the RBI came out with certain guidelines against the use of bitcoins such as terror-financing, black money laundering owing to the unregulated and decentralized character of bitcoins. But, terror-financing and money laundering also happen through Hawala-channel via cash. So, bitcoin is not solely responsible.  If we consider the volatile nature of Bitcoin, imagine the kind of remittances it will generate if it was made legal in India adding to the GDP of the country. Bitcoin is a byproduct of a revolutionary technology (blockchain) which is here to stay for good. There are speculations that in the coming years Cryptocurrency will replace cash money. And we hope that is soon to happen.