Indian Blockchain committee head clarifies that cryptocurrency is not illegal in India

"Bitcoin is a legal commodity but an illegal medium of exchange "

Recently Arun Jaitley India's finance minister announced that cryptocurrencies are an illegal medium of exchange (deshvasiyom, bitcoin legal tender nahi he.) Do not make transactions or purchase goods and services with bitcoin because it's totally illegal in India and every cryptocurrency enthusiasts like me are completely happy with the rule.

But, bitcoin is a legal commodity, which means that you can hold it and exchange it (to other currencies). Well the fact is, no authority or government has the right to control bitcoin, but they can only control the acceptance of bitcoin within their boundaries. The Crypto currency authority of India head made this point very clear to us and thanks to him.

Link : https://yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/

Above all, block chain technology and cryptocurrencies are kind of revolutionary technology which even Arun Jaitley accepted. The government will use block chain technology, but regulate bitcoins. Regulations is necessary and we are totally happy with the governments response regarding regulations.