Today, the Government of India has introduced the Financial Budget 2018 with a lot of taxation changes as well as policies amendment. With a lot of taxation changes government finally stated the status of crpytocurrencies in India, that is : Illegal.
After a lot of statements during the whole year 2017, the making of committee to monitor cryptocurrencies, various scrutiny of crypto exchanges and finally India have come up with a solution which is considering the Cryptocurrencies as Illegal.
Early this morning, Mr. Arun Jaitley, the Finance Minister of India, have addressed the Union Financial Budget 2018 in front of all the Union Ministers. After a lot of policies changes, government has concluded that Cryptocurrencies are highly volatile because of its decentralized nature and can't be treated as legal tender within Indian domestic borders.
Mr. Jaitley also stated that government along with Reserve Bank of India have already warned the Investors many times over regarding the risks associated with cryptocurrencies and people who're investing in cryptocurrencies will be solely responsible of anything happens with their investments.
Although, he also announced that Indian authorities will take measures to curb the use of crpytocurrencies in India as soon as possible.
Is This Another FUD Affecting Cryptocurrency Market Worldwide?
Well, personally I don't think it should affect cryptocurrencies market anyhow because the statements which Mr. Arun Jaitley had delivered are those sentences which already been delivered by Indian government many times over before in order to warn investors.
Moreover Mr Jaitley has never the word 'Ban' in his speech and only used the word 'discourage'. There's a big difference in the meaning of both the words. While former is used in came of complete ceasation of something along with penalties, latter only represents the general/moral cesation of something without any penalties.
So, I don't think this should affect the market anyhow but this is crypto market which get affect by a single negative word. So, at this moment nothing can be said.
Fingers Crossed. Let's have a close look at crypto market.
Thanks for reading...!!
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