Bitcoin, Ripple, Ethereum There is No Crackdown in India

Bitcoin, Ripple, Ethereum There is No Crackdown in India

Bitcoin, Ripple, Ethereum There is No Crackdown in India

More Fake News on the Cryptocurrency front today. It was widely reported India has cracked down on cryptocurrencies, here is what really happened.

A Politician Made Promises to Move Against Cryptocurrencies.

Well Politicians will say anything and they rarely deliver on promises regardless.

The gentleman that did speak got, Finance Minister Arun Jaitley, got it totally wrong, according to his uneducated rhetoric “Cryptocurrencies are illegal in India and the government fully intends to stamp out their use”, but that is not the case. Cryptocurrencies are not regulated in India, the second-largest country in the world by population after China. India has a big share of the cryptocurrency market, accounting for about 10 percent of all bitcoin transactions.

“The government does not consider crypto currencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets,” Finance Minister Arun Jaitley said on Thursday.

Last year, the Indian Finance Ministry called bitcoin and other cryptocurrencies a ponzi scheme, “which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money.”

Bitcoin users in India have been facing difficulties with deposits and withdrawals this year after the country’s banks cracked down on crypto-trading. In December, the Indian Income Tax Department raided bitcoin exchanges across the country, seeking to identify cryptocurrency traders.

The government in India may move against cryptocurrencies in the future, that is not the end of the world, but contrary to media reports it did not happen today.

Bitcoin was down two percent on Thursday, trading near $10,000 – a 50-percent drop from the $20,000 peak seen over a month ago but looks to be consolidating in this range.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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