Here comes the big news, Arjun Jaitley stated in his budget speech today that the government will do everything to discontinue the use of bitcoin in India. Yes, you read it right. He clearly said that our country does not recognise the virtual currency as a legal tender and therefore completely discourage this kind of payment system.
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”
Last year the RBI stated, “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money.”
“Consumers need to be alert and extremely cautious to avoid getting trapped in such Ponzi schemes.”
It is a big blow to all the people who are holding Bitcoin.