Will India Actually Ban Cryptocurrency?


When we talk about cryptocurrency, one of the biggest stories that has popped up recently surrounded a potential ban in India. In fact, many news outlets have reported that a ban is indeed going to happen. However, as we dig further into the Finance Minister’s comments that led to it all, we are less and less convinced that India will actually ban cryptocurrencies in the region. Today, we’ll talk about the comments that led to the ban expectations, recent actions that suggest that a ban isn’t coming, and what to watch for ahead with regard to India’s cryptocurrency regulation.

Where The Talks Of A Ban Started 

As mentioned above, recently, we’ve heard a lot about a potential cryptocurrency ban in India. So, where did this all come from? Well, it started when India’s Minister of Finance made statements with regard to crypto-assets as a whole. In his comments, Arun Jaitley used harsh words and announced that India would crack down on fraudulent activities in the space. Here’s what Jaitley had to offer:

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. 

These words are pretty harsh. In particular, it seems as though the media locked onto the announcement that the government would move to eliminate the use of crypto-assets as part of the payment system.

Read the full article at CrypoTwits!

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