Wednesday, 7 February 2018

Good news India Is Not Banning Cryptocurrency, Here's What It Is Doing Instead

This has been a very annoying week for cryptokuranx worldwide. While China has blocked crypto exchanges, the US Banks are constantly reducing cryptourrency purchases. Meanwhile, Indian Finance Minister Arun Jaitley, during the national finance budget, said that the country does not recognize Vitcoin as a legal tender and steps are being taken to punish crypto payments, cryptrocessing enthusiasm and investors in trouble will be sent. Immediately after the minister's statement, Bitcoin's price fell to two-month low of $ 7,000.

Jaitley's remarks succeeded in doubting the legitimacy of trade in India's crypto community, apart from this time, the authorities have decided to run a debate debate for good.

Shortly after the announcement of the budget, Economic Affairs Secretary SC Garg said that the government would set up a panel to investigate the business of crypto properties in irregular exchanges. The panel is expected to present its conclusions in a report by the end of March 2018

Ajit Khurana, the blockchain of the Internet and Mobile Association of India (IAMI) and the Chief Executive of the Cryptocorporation Committee (BAC), is one of the many people working towards spreading awareness about cryptokurrence in India. After the comments of the Finance Minister, Khurana revealed that he was happy that at least the cryptokurrence mentioned in the national budget of the country. "I came to know that it was a step in the right direction, being a finance minister, that the cryptocurrence legal tender is not entirely logical - every nation except Japan has adopted this approach. This does not mean that the crypto trade is illegal But the market comes with its own risks like any other investment asset. "

What happened after being unprecedented, with widespread coverage on media outlets, it was indicated that the Finance Minister had said that cryptocarquees were illegal, thereby creating a quarrel in the investors' circles. From February 1 (when the National Finance Budget was announced), Khurana is calling for the annoying investors and the attitude of the Government to call for the value of eager buyer and crypto properties.

Try to educate Indians about Bitcoin experts

The reason for knee-jerk response to the minister's statement and the decline in the cost of bidoin may be due to lack of awareness about bitcoin. "Now, in India, the general understanding of terminformation is unclear. There are many people in India who are astounded by the technology but do not understand it well," Khurana said.

About five lakh active bitcoin merchants are [+]
More about Forbes: Blockchain Revolution of India goes beyond the banks in records of land and private firms

Regardless, India's cryptocurrency trading volume has been on the rise. Although there is no official figure, Khurana says that there are at least five lakh active traders in India who are operating through regulated banking channels.

While reporting a significant increase in the user's interest in the leading cryptocurancings exchange of India, such as Zeppa, Unokin, Coin, Sikanoo and Bitaxoos, IMAI is focusing on enhancing educational video and reading content such as user awareness access programs. To say the world's first industry bodies, Khurana said

Apart from this, IAMI is working on putting together an online course with industry experts and inputs of Bitcoin Exchanges as well as the development of self-assessment tests. "There are many dimensions of bitcoine like technology, security and privacy, it is important to be aware of every aspect, to understand Bitcoin better and to make informed decisions about the business," Khurana said.

The industry is involved in the legal for use of Cryptocurrency Advocates

In order to popularize BlackChane technologies in India and to create an advocacy platform for cryptocycencing in India, in a similar move to merge industry cooperation, the Digital and Blockchain Foundation of India (DABFI) and IAMI in November 2017, many major Bitcoin Exchanges such as Unokin, Zeppe and Coincurers - are also the founding members of DABFI - now IMAI Ntek are part of the council.

Zeppe's co-ordinator Sandeep Goenka and head of newly created FINETEC Council said, "The present government is in the open mind and it is a welcome change for developing revolutionary technology. By using banking channels and Bitcoin trade validity, the largest bidcong exchange in India. Sectors are already implementing these measures, and they should be standard practice. "
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