? Cool title, but what’s the news?
Technically, no. But, he did say that virtual currencies like bitcoin are not considered lawful or legal tender in the Indian economy. The government is waiting on an expert panel report on crypto before taking a decisive stand on the matter.
? Okay, so what does it mean?
The government does not want to take any sort of important or probably decisive steps before the expert panel report is filed in. They want to issue corrective measures after having a thorough understanding once the committee under the Economics Affairs Department takes an understanding of the global scenario.
? I get it, now tell me why should I care?
The Big Picture:
The Finance Minister reiterated the government’s stance that bitcoin and other cryptocurrencies are not considered legal tender in India. RBI also notified the public time and again through multiple notifications of the same. So it is safe to assume that bitcoin will not get the legal standard anytime soon. The government also warns the public against the peril of the cryptocurrency.
For you personally:
This statement from the government reiterates in some way what we at Sqrrl have also been telling our users. Bitcoin has given great monetary results to people. But since it is not backed by any asset class, and has a degree of anonymity, you should not invest anything you can’t afford to lose in bitcoin. On the other hand, if you really do want to invest some money and want high returns, you should try and go with mutual funds. It’s backed by assets and you can measure the returns and performance daily. So, buy bitcoin but be careful.
Source: Business Today
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