The fate of Bitcoin in India to be decided on April 20

Bitcoin, the world’s first decentralized digital peer-to-peer crypto currency is gaining huge popularity around the world. It is even said to be, the present strongest currency in world outnumbering dollar,euro,pound,etc. Valued at around INR 76000 or $1130 (as on 4/4/2017), this digital currency is often referred as “Virtual Gold”.

As bitcoin is decentralized, which means that no government or authority controls it, often the legality status is questioned everywhere. It happened in India too, when Bitcoin prices surged and increased upto 30% post demonetization. It was said that Bitcoin was purchased to replace the unaccounted money.

Well, some countries had made it clear about it’s legal status, mostly of them approving it’s legality, India is yet to make it’s decision.

Recently on April1,2017, Japan officially adopted Bitcoin as payment option and even introduced tax policies on it.(click here to read full article)

In India, it is neither declared illegal nor legal. At present buying,selling or mining of bitcoins is not law breaking which means it can be continued.

But recently, Bitcoin was termed as pyaramid-ponzi scheme by a BJP MP Kirit Somaiya. This caused a serious backlash in bitcoin community and people were in fear of using it. Media started to sensationalize the news and created a situation of panic in bitcoin entities and enthusiasts. It was often quoted as “illegal ” by the media which was completely baseless and false.

Minister of State for Finance, Arjun Ram Meghwal commented that ”The use of virtual currencies like Bitcoins is not authorised by the RBI and could result in a breach of anti-money laundering provisions”

All of these serious comments by senior leaders of National Ruling Party  have caused a fear amongst the bitcoin community.

A government panel discussion is supposed to take place on April 20, 2017 which will rule out it’s verdict about the legality of Bitcoins in India.

If Bitcoin is declared illegal, the exchanges would have to shut down and people will have to stop using it.

Recently, Biitcoin startups in the country has joined hands together to form Digital Asset and Blockchain Foundation of India (DABFI) to promote and educate about the virtual currencies and blockchain technology. DABFI has approached the government for explaining technically and fundamentally about bitcoin and the technology behind it, i.e.,Blockchain.

So its April 20, the judgement day which will decide the fate of Bitcoin in India. Stay connected with to get latest updates on bitcoin, blockchain and other crypto currencies.

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