After a sensational misrepresentation of Mr. Arun Jaitley’s Budget speech on Cryptocurrency by Mainstream media, the crypto prices took a hit on all exchanges. We reported that Bitcoin is not illegal and will not be banned, but the damage of this FUD was done.
Amidst the chaos the Finance Minister was interviewed by DD News anchor about “Bitcoins”.
Here’s what he had to say
Anchor: You have seen a lot of ups and down in Bitcoins, but you didn’t say it is banned, you just mentioned it is not a legal tender. Why is there no clear ban?
FM: We want to discourage users because there is a committee appointed by Government which is looking into it, and we will announce further steps later.
The 19 second clip uploaded by Ashish Mishra was shared by India’s largest Crypto exchange Zebpay’s founder Mr. Sandeep Goenka
FM: We want to discourage the use of bitcoins. There’s a government committee looking at it and we shall announce steps later.
FM did NOT say bitcoin is illegal.https://t.co/44HmeboxXy
— Sandeep Goenka ⚡️ (@GoenkaSandeep) February 1, 2018
We are glad to know that the community is coming together in order to clarify the statements made by the government and Finance Ministry. Sooner or later there will be a regulation for Bitcoin and other cryptocurrencies in India and we hope it is in favour of honest tax paying traders.
Currently the industry is self-regulated by the exchanges, which enforces a KYC on the users. In our opinion, a KYC compliant Exchange is always the most legal way to trade in Bitcoin and cryptocurrencies.
You can watch the FM’s exclusive interview’s clip here: