The Minister of Finance of India spoke only about the regulation of the Crypto-currency, and not about the ban

For several days in the press, the news about the ban on crypto-currency in India has been thoroughly discussed. Including because of this news, the market has fallen into the abyss, from which he will have to choose more than one week. In fact, the Minister of Finance of India Arun Jaitley did not make such statements – the Indian government does not prohibit trading on the exchanges or the crypto-currencies themselves. The fact that the news about the ban on crypto-currencies was thundering in the press was just a misinterpretation of the minister’s words.

Earlier it was reported that Arun Jaitley bluntly said that the government would struggle with the crypto-currency activity of the population, and he really touched on the topic of the crypto-currency, but there was no talk of a total ban.

“The country’s leadership does not consider digital currencies as legal tender. We are concerned about the possibility of using cryptocurrency in illegal activities and tax evasion, and of course we are taking measures to prevent this, “Jaitley said earlier.

What follows from the statement?

  • The Government of India does not consider crypto-currencies as a legal remedy.
  • The government is struggling with the use of cryptocurrency in criminal activity.

And nothing more. Arun Jaitley did not say that any crypto-currency activity would be banned in the country. However, his statement was instantly misunderstood and the national press of India began to gush forth with false news that from this moment the cryptocurrency in India is outlawed.

The first fake news reported edition of Quartz India: “The Minister of Finance today killed the crypto-currencies in our country.” Other publications immediately picked up the news: “It seems that this is the end – there is no place for blockchain in India”.

A popular TV presenter of the Indian news channel, which watches tens of millions of people, wrote in his Twitter, almost the same popular: “Bitcoin is officially banned. From this day, the crypto-currencies in India are outlawed. ”

Calm down! The ban was not

As it turned out, there was really no prohibition. The minister spoke only about the suppression of use криптовалют by criminals, and also that the government does not recognize as their lawful means of payment.

In fact, after Arun Jaitley submitted a report on the planning of the state budget for the future period, he gave an interview to the Indian state television company Doordarshan. And the literal translation of his dialogue with the host looks like this:

Moderator: We can now observe a lot of unrest due to Bitcoin and crypto currency. Why do not you prohibit this and declare it an illegal brand?


Jaitli: The government does not encourage the population to use cryptocurrency at the moment. There is a special committee under the government, which is busy studying the crypto-currency. After they finish and draw some conclusions, a further state policy on this issue will be announced.

What do the representatives of the crypto community of India say?

Satvik Viswanath, Executive Director of Unocoin, one of India’s most popular crypto purses, said:

“We do not observe any negative changes in the actions and position of the government. We fully support attempts to combat illegal activities carried out with the help of crypto-currency. “

The most popular in India crypto-exchange Zebpay joins Unocoin applications:

“We cheerfully welcome this positive decision and regard it as an important stage on the way to clarity of the position of politicians regarding the cryptocurrency.”

It should be noted that the Indian media has already been seen in the provision of false information to the public about the cryptocurrency – in March 2017 they also talked about the ban on crypto-currency by the government, misinterpreting the statement.

Thus, in India, you can still deal with digital currencies.


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