Bitcoin is Banned in India – It’s not Considered as a Legal Tender

Bitcoin is Banned in India – It’s not Considered as a Legal Tender: Sounds like a disastrous news for Bitcoin fans and investors. People who were celebrating the sudden rise and hype of Bitcoin in India will soon regret the decision of investing on this cryptocurrency. This was however predicted by many, but people were not sure of this move of Indian government. India’s finance minister Arun Jaitley stated the news today during the budget speech and marked Bitcoin as banned cryptocurrency in India.

Hence, Bitcoin is not considered as a legal tender in India and India does not recognize this electronic currency. Arun Jaitley said “The government does not recognize 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 the most popular cryptocurrency in the world and captured most of the Indian market last year in 2017. After the sudden rise in the price of the Bitcoin, many new cryptocurrency came into existence.

Spilling the water on the plans and dreams on many of the people in India, today’s budget speech disclosed many surprises for the financial and economic condition of the country. Hope you are fine after this decision of Indian government.

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