Crypto Currency - Is It Really Legal In India?

There have been a lot of controversies related to crypto currency in all around the globe. You must know that China has already banned crypto exchanges, and when it comes to United States; they have also minimized the use of crypto currency. On the other hand, the finance minister of India Mr. Arun Jaitley also said that the country won’t accept Bit coin as the legal tender and therefore essential steps will be taken to penalize all the crypto payments made by the investors. After this news, there has been a tremendous fall in the price of Bitcoin.

Of course, comments made by Mr. Jaitley confused everyone as people are now thinking about legitimacy of trading. Therefore, authorizes decided that they will now put an end to the story by setting a panel which will do a thorough check of all the crypto assets.

Mr. Ajeet Khurana, who’s the head of the Blockchain and Crypto currency Committee (BACC) of Internet and Mobile Association of India (IAMAI), is one of the personalities who is trying hard to create awareness on the concept of cryptocurrency development in India.

Following the comments made by Mr. Arun Jaitley,  Mr. Khurana said that it’s a great news as cryptocurrency have found a mention in the national budget of India after a long time. He also mentioned that it is the right step for a developing country like India.

The finance minister also mentioned is that it is quite right that crypto currency isn’t considered a legal tender. This is perfectly logical. Japan has also confirmed about it. However, it simply doesn’t mean that crypto trading is illegal. There is no denial about the fact that it has its own risks which is true for any other investment asset in the market.

What happened after the statement of Mr. Jaitley are something more tragic. Media started saying that the Finance Minister had said that crypto currency & block chain development is absolutely illegal, and it created a buzz among the investors. It was 1^st of February when the national finance budget was announced, and after that Mr. Khurana started receiving calls from the investors and curious buyers who were not aware of what they should do with the crypto assets.

Creating Awareness about Crypto currency In the Indian Market

The negative reaction of the media to Mr. Jaitley’s statement and the rapid decrease in the prices of Bitcoin is mainly because people are not aware what bitcoin is all about. The concept of crypto currency development in India is vague. Although there are many people in India who are very attracted to the technology but don’t have any idea on how it worked.

No matter what happened in the past, India’s crypto currency trading industry is continuously rising. It has also been reported that there are more than five million active traders in India, and they are making the transactions through the different regulated banking channels. Keep all these great tips in mind to make the best choice.