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bryce

Latest FUD - India banning crypto

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“The government will now either come out with a legislative mechanism or make suitable amendment in existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation,” said Monish Panda, founder of Monish Panda & Associates law firm. “We will have to wait and watch as to what will be the final framework of such legislation.”

Just now, Tiamat said:

"and will instead encourage blockchain technology in payment systems."

Now i understand how dumb our political overlords are.

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Finance minster Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

Contradictions everywhere. Well, that happens if blinds talk about colours. This rhetoric just reminds me of the Korean Justice minister Park Sang-Ki's rollbacked insinuations some weeks ago.

 

 

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Finance minster Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said.

Support for blockchain - good.

But does not recognise crypto as legal tender as part of payment system - especially bad.

Spells an end to XRP in India ... for now. 

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The indian government banned large bank notes roughly a year ago (~80% of their cash), officially to get a hold on corruption. There are plans for a biometric system of payment. So they probably dont want any anonymous means of value transfer.

Imo that doesnt mean, that XRP is out of the game in India yet.

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Just now, bryce said:

I don't think Indians are going to take this lying down though, much like the Korea situation, it doesn't take much to rattle a politician.

Na we will take this lying down, our government does not believe in human rights. They will lynch us if we protest.

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Just now, Gepster said:

India has plans going cashless and they are on a mission...  I don't know if XRP can fit in, can anybody elaborate?

They will create there own walled garden, create a value token pegged to Fiat.. and then parade it as an achievement of the government going cashless.

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