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Tuesday, 13 March 2018

India Cannot Regulate Bitcoin: Indian Finance Official


It has been clearly seen by all the blind in Indian that the Indian authorities have been struggling to come to terms with cryptocurrency Bitcoin. Their inability has led to a state of semi-denial- calling the cryptocurrency illegal, yet trying to tax its users. And now someone who was previously charged with coming up with regulations for it has seemed to put a nail in the coffin when he said India cannot regulate Bitcoin.

Summary:


  • The fact of the matter is cryptocurrencies like Bitcoin and Ethereum are neither banned nor regulated in the country.
  • Shaktikanta Das, the head of a panel which was formed to regulate the cryptocurrencies  last year, now thinks that regulating cryptocurrencies would be a tough task.
  • He said that regardless of the regulations, Indians would continue making transactions in their houses and officials cannot go into all the houses checking for transactions.
  • "Let’s accept that it would not be possible to regulate it effectively." he resigned.
  • Das; opinion is very crucial to any decison making made in Delhi as he has held several key positions at the Finance Ministry; serving as both Head of Department of Revenue and Economic affairs.
  • Previously, Das opposed the legalization of Cryptocurrencies and said that while the Indian currency, Rupee is guaranteed by the Reserve bank, cryptocurrencies are created out of thin air.
  • He went on to say that the fact that only the Reserve bank has the right to issue currency makes the cryptocurrency illegal.
  • Despite the pressure on cryptocurrencies, the currency continues to grow, with crypto-related jobs increasing with about 300% in the last 6 months.
  • Indians have also found alternative ways to acquire Bitcoin from abroad.
What do you think about  Indian's stance on Bitcoin? Do you think the government will eventually change its stance on Cryptocurrencies in general?


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