Indian government’s stand on cryptocurrency hasn’t changed in the past few years. They aren’t happy about cryptocurrencies. In recent times they have left no stones unturned in arm twisting exchanges and citizens from trading in these cryptoassets (as they like to call them instead of cryptocurrencies). Their definition doesn't change anything or the fact that Indian citizens will do as they feel is right for themselves!
The government here doesn’t recognize these cryptocurrencies as currencies because they don’t have any intrinsic value amongst a whole lot of other factors-so they claim to be. Cryptocurrencies have value because people who are invested in them say so. Fiat currency has value because a government says it does and enforces it by force.
I have to admit, I feel rather good about picking up some cheap coins in the past few days at the lows that we’ve witnessed. Cryptocurrencies are here to stay. Having said that, let me help make sense of the real world implication of his statement. Many people are still confused about it days after it has happened.
The freedom to earn a legitimate income and spend it anywhere as desired is the right of any citizen of a democratic nation. Atleast on paper that's what it's supposed to be!
Finance Minister Arun Jaitley in his budget speech had said that cryptocurrencies are not legal tender and will take measures on their use as part of payment systems. "The government does not consider crypto-currencies 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," Jaitley said in a statement during the budgetary session.
Fact is that you cannot buy or sell goods for cryptocurrencies but you are currently free to trade. Don't let anyone tell you otherwise. There is absolutely no issues with trading your Bitcoins and alt-coins.
The aforementioned statement from the Finance Minster left most uninformed noobs trading on exchanges in India to panic sell. This was a good opportunity for seasoned traders to take off these cheap bitcoins from weak hands.
When you elect monkeys to positions of authority they are bound to create chaos. Chaos leads to change, and sometimes it can be a good thing. But, it can also have far reaching undesirable consequences. Government propaganda and corrupted forces amongst mainstream media sometimes work hand-in-glove to ensure people are left in a lurch over their freedom to choose.
But here’s a bit of smart journalism from one of the top female anchors in India, ‘Shereen Bhan’.
Dear readers of my blog please be informed and don’t let mainstream media, government warnings and misleading statements of our finance minister fool you into believing that cryptocurrencies are banned in India. They are not. You can trade them whether our government likes it or not. It's business as usual for all exchanges in the country.
Don't let the cryptocurrency fire burn out in India! It's upto all of us to stand our ground and ensure the government works for us and not the other way around.
However, I'm pleased to tell you that it's fantastic that cryptocurrency has made waves into the parliament so much that it got a mention during the budget. Great things are yet to come. Let us wait and watch patiently as ever!
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