There are so many news lately that India made a move to ban Bitcoin and the other cryptocurrencies. However, the mainstream media tends to distort a lot of things, and as always, act in its own advantage.
What’s true is that India has decided to ban cryptocurrencies – but not trading them. Instead, the country’s authorities enforced a ‘ban’ of cryptocurrencies and their usage in the country.
Simply put, one can:
- Trade bitcoin and other cryptocurrencies
- Withdraw his earnings
- Earn on the rise and fall of cryptos
- Send or receive cryptocurrencies
However, one cannot:
- Use Bitcoin to pay for local services or products in the country
- Use cryptocurrencies in illegitimate activities
- Use cryptocurrencies as payment instruments
- USe Bitcoin as legal tender
As India’s finance minister Arun Jaitley stated, “The Government does not consider cryptocurrencies 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.”
So, it is about time someone from the media gets this right and presents the information in a clear and transparent way. Even though the ban on the use of cryptocurrencies in India alone may be frightening, there is no ban on trading cryptocurrencies or capitalizing on their growth.