The diehard Bitcoin fans in India are confused by Bitcoin’s uncertain future. Indian Government is confusing people with puzzling statements not clearing whether Bitcoin is legal or not?
Earlier In the budget speech, FM Arun Jaitley had stated that the Indian government will take all measures to eliminate the use of crypto-assets in financing illegitimate activities.
This time The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on Tuesday gave approval to Unregulated Deposit Schemes Bill, 2018 that seeks to ban all unregulated deposit schemes/ ponzi schemes.
This bill may tighten the Noose on Cryptocurrency traders. It will prohibit companies/ institutions running such schemes from exploiting existing regulatory gaps and lack of strict administrative measures which result in poor and gullible people being duped of their hard-earned savings.”
In the draft, there is no separate or exclusive mention of words like Bitcoin or Cryptocurrency. It says:
No deposit taker shall directly or indirectly promote, operate, issue any advertisement soliciting participation or enrolment in, or accept deposits in pursuance of an unregulated deposit scheme.
As the bill-draft nowhere mentions ICOs, Bitcoin or cryptocurrency directly, a further clarification in this regard is expected to be issued, better sooner than later.
There is a lot of confusion with the Bitcoin ban and illegal stuff in India. This Bitcoin news came amidst of the PNB scam that has been covering every nook and corner of the news papers, channels and everywhere on the media. It can be assumed as a Government’s strategy to divert people’s focus from the PNB scam towards the lovable Bitcoin. While in India Government talks about banning BTC on the other hand it wants to embrace blockchain technology as well.
“The Government will explore use of blockchain technology proactively of ushering in digital economy” Said, Arun Jaitley, Indian Finance Minister.