India’s Finance Minister Arun Jaitley said that the Indian Government will no longer consider cryptocurrencies as legal tender.
He said: “The government does not recognise cryptocurrency as 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 payments system.”
Bitcoin is not banned in India. It is not considered a legal tender. Neither is gold. You can sell your Bitcoins to an exchange in India or a person.
Indian Govt doesn’t own Bitcoin. It can’t ban Bitcoin.
What Indian Govt can do at max is, make INR to BTC conversions and vice versa illegal.RBI decides to make such conversions illegal, then all BTC Indian exchanges will be intimated first. They will intimate all investors to either transfer their BTC to some other non-Indian wallet or sell their BTC to get INR, within sufficient buffer time. Exchanges like Zebpay, Koinex etc will shutdown
Bitcoin investor myself, if I face any such situation, then I will transfer my BTC coins onto BitGo or Trezor wallets
in future, I would want some INR, I will convert my BTC coins into USD and then convert USD to INR and have them transferred to my bank account. ( You could convert bitcoin to US dollars and then transfer them to your bank account using services like paypal etc. Bitcoins are sent to wallets outside India, you can also convert them to Euro or Dollars and transfer to your Indian accounts or a relative’s account in any other country. Ask them to send your money via wire transfer or give it to you whenever they are in India. Yes, some fees will be deducted but if you have appreciated the value of your BTC enough, it will he negligible,That just means they don’t see cryptocurrency as any form of currency. So that by law it cannot be used as a payment to a debt equal to any offered price.
Also they mean they’re have been trying to eliminate unlawful use of cryptocurrecies.
The exchanges like Zebpay,koinex,flitpay etc might get closed now,which is not right
they should come with some alternate option.
Be positive ,As we indians do JUGAAD ,dont care how much they ban it ,
LOL