Finance Minister Arun Jaitley says that Bitcoin is not legal

Finance Minister Arun Jaitley says that Bitcoin is not legal

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@Ajay Rana

When asked about the subject of cryptocurrencies, he made some interesting statements about the future of bitcoins.

Finally, even the Minister of Finance of India had to go out and issue statements about the fate of cryptocurrencies, especially bitcoins in India.

When asked about this issue within Rajya Sabha, India’s Finance Minister Arun Jaitley issued some interesting statements about the future of bitcoins, which would be watched closely by those who have invested in them.

Although the statements issued do not offer a clear solution, yes, it certainly encourages that hope.

Let’s see what he said.

No Knee-Jerk Decisions On The Future of Bitcoins

Investors and Bitcoin enthusiasts were worried that the whole chain of commerce and mining in India could be banned soon, especially after IT officials raided several bitcoin exchanges in India.

By putting an end to these fears, Arun Jaitley clearly stated that there will be no “instinctive” decisions on the matter, and the Government. he is looking at it logically.

He said, “The government is examining the issue, a Committee under the chairmanship of the Secretary of the Department of Economic Affairs is deliberating on all matters related to cryptocurrencies to propose specific actions to take … Instead of taking any instinctive action, let’s wait for the report of this committee. “

This means that the Gov. at this moment he is considering the opinions of the experts on this subject, and any decision they make will be driven by reasoning and logic, instead of rumors and speculation.

The establishment of a special committee, also under the chairmanship of the Secretary of the Department of Economic Affairs, is a welcome step here.

You can not prevent terrorists from using Bitcoins

Now, on the issue of the unwanted and illegal use of bitcoins by terrorists, the Minister of Finance made it clear that no Gov. or the authority has the ability to control its use; therefore, expect the Government. preventing terrorists from using bitcoins is definitely not done.

He said, “One of the characteristics of cryptocurrency is that there is a lack of dependence on the state, it works with a degree of anonymity, it operates within a virtual community that is created and enjoys the trust of that virtual community …”

Again, this is an optimistic government stand. with respect to a negative use. Previously, speculations abounded that the governor. will impose anti-terrorist laws and laws against money laundering to those who use bitcoins.

But now, according to this statement, it is clear that nothing will happen, because the government has admitted that no one can exactly control the flow of bitcoins.

However, in the end, the Minister reiterated the fact that RBI has already said 4 times in the past: Bitcoins is not a legal currency, and the Government. does not support it

He said, “Since December 2013, the RBI and the government have consistently maintained that this (Bitcoin) is not a legal legal offer in India, so there is no legal protection for the person dealing with it being available.”

Interestingly, Warren Buffet, the investor so investors consider almost a God, has strongly opposed the use and benefits of bitcoins.

In 2014, he said he described bitcoins as a “mirage” and a “bubble.”

Comparing bitcoins with checks, he had said, “It’s a method of transmitting money, it’s a very effective way to transmit money and you can do it anonymously and all that … A check is a way of transmitting money, too, do checks cost a lot of money just because they can transmit money? The idea that it has a great intrinsic value is just a joke in my opinion. “

We will keep it updated, as we receive more news related to bitcoins and cryptocurrencies in India.

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