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Arun Jaitley over ban on cryptocurrency in India

On 02 January, 2018, 3:35pm
The finance minister Arun Jaitley, in Rajya Sabha said that 
The cryptocurrencies lack dependence on the state, and functions with high degree of anonymity. 
The whole system operates within virtual online community and enjoys the trust of that virtual community.

“The government is examining the matter. A Committee under the chairmanship of the Economic Affairs Department Secretary is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken... Instead of taking any knee-jerk action, let’s wait for the report of this committee,” Jaitley said.

Jaitley also declared cryptocurrencies as "NOT A LAWFUL LEGAL TENDER."

EFFECTS-

1.  IS CRYPTOCURRENCY GOING TO BE BANNED ANY SOON?
 The cryptocurrency is attracting the government means, there can be anytime ban over these transactions, although the Finance Minister has denied any 'knee-jerk' action, but the history of government in taking decisions doesnot supports his statements. The major problem in banning the transaction would be that govt. has no idea, where the transactions are taking place at all, they cannot trace anyone. 
The working of Modi govt. could be a bad news, if the work has been on from sometime, very soon the cryptocurrency market bubble might burst by the shaking from govt.
2. WHY IS GOVERNMENT INTERESTED?
There can be two things-
    a) The govt. cannot keep any account of the illegal transactions occurring.
    b) The govt. is not getting any revenue and neither any bank is getting any benefit.
    c) And for the public to know, the Govt. also wants to save from any fraud. There have been cases of theft of cryptocurrencies disappearing from wallets within nights.
 Big firms in UK providing e-wallets for cryptocurrencies left the customers in chaos it was followed by alleged hacking of the e-wallets info and all the money was gone without any refund.

 3. Possible effects on Bitcoin market in India
Most probably, the people are going to panic over the statement from finance minister but it would be better to wait and watch as the cryptocurrencies are well hidden from everyone.



4. What RBI had said
The Reserve Bank of India says that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with bitcoin or any virtual currency. 
Source- Wikipedia.

 But the cryptocurrencies are till now legal.


 The same applies for ETHEREUM.

 Let us discuss over the cryptocurrency, if you have any doubt over the interpretation of the statement from Finance Minister, do comment about it.

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