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Indian govt to act upon crypto currencies

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http://www.moneycontrol.com/news/business/personal-finance/bitcoin-investors-beware-regulatory-moves-could-block-access-to-money-2473377.html

Govt of India has officially made a statement in Indian Parliament not to recognize cryptocurrencies as legal tender in India.

I hope they regulate it through SEBI ( Securities and Exchange Board of India ) and legalize cryptocurrencies as stocks/assets/commodities.

 

 

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Another XRP owner here from India. Wondering what the fate of XRP exchanges in India will be. Hope, in the event, the govt. makes these exchanges illegal, we will get ample time to take the xrp out of these exchanges and perhaps transfer to an exchange outside India and sell if need be.. convert to USD and send INR back to India.

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There are two challenges :

1.Keep your XRPs safe : So never keep them in exchanges.What if they shut down.Always keep them in paper wallet or ledger nano s

2. Govt Intervention : If they regulate it is  good for everyone.If they ban then not good for cryptocurrency as a whole, given the role India can play because of its big population and economy.

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Sounds like the government's position has not changed since 2013 and is currently waiting for a report.  I found (what I consider to be) a more reputable article on the matter.

https://timesofindia.indiatimes.com/business/india-business/cryptocurrencies-like-bitcoin-not-legal-lawful-tender-arun-jaitley/articleshow/62340122.cms

Quote

Finance minister Arun Jaitley said both the Reserve Bank of India (RBI) and the government of India had consistently maintained and made it public that cryptocurrencies were not "legal, lawful tender" in India. "It is operating online...There have been expert groups which have been set up to see how to deal with this situation...But this is not legal tender...From 2013 to 2017, this has consistently been the position of both the Central bank and the government," he said...

"Now, regarding how in future it is to be dealt with in India, there is an expert group under the secretary, department of economic affairs, which is functioning (and) whose report is now awaited," he added.

"Rather than taking any actions immediately...once that report comes, only then the measured steps which are to be taken in this regard would be taken," Jaitley said when asked by MP Rajeev Chandrashekhar if the government would consider giving immediate directions to banks, credit card companies, etc., while the committee does its work..

 

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The Govt of India has recently taken bold steps against black money and money laundering.Demonetization was one of the big ones.

In India terrorism is a big concern and Govt keeps an eye on terrorist financing.

I wish the Govt is more pragmatic in approach and comes with regulatory framework that does not simply ban the trading/usage of cryptocurrencies but provides enough safeguards to prevent any illegal activities.

 

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In this exchange in India coindelta.com, something just caught my attention.

Looks like because of the news ( statement by Minister of Finance on crypto coins ), there is a significant selling in coins.

But one coin which stands tall is XRP.It's the only one in Green. Seems Indians have recognized XRP as the safest and best bet.Even my portfolio is 100 % XRP.

I know some major banks in India have already tied up with Ripple and are experimenting with XRP as well.This means they have already got green signal from RBI and Govt of India.

Govt will come out with a regulation on cryptos. For sure banks will be allowed to use XRP. But what about future of retail investors? I hope all things turn out to be good.

 

 

 

 

 

 

 

 

Edited by xrp_india

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For the record, saying something is not legal tender is not the same as saying it is illegal. It is saying the justice system will not serve to arbitrate cases where you say you paid a debt with a currency and someone else says you still owe them money.

It is explicitly stating xrp does not act like fiat from the governments perspective. Canadian dollars are not legal tender in the US. Some places may choose or not choose to accept it.

At least that is my understanding of the power of fiat. The "fiat" part of fiat currency is precisely the legal standing it has in the country, and what makes money legal tender by definition. Legal tender == fiat currency.

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Yes you are absolutely right jag216 !!

In India its a suspense as of now about the future of crypto coins.

I can see many crypto exchanges in India halting deposits and in some cases withdrawals as well.Looks like Govt has started intervening with the help of banks who are slowly stopping services for crypto exchanges.

Edited by xrp_india

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