Is BTC legal or illegal in India

India wants to ban paying with Bitcoin and Co.

The next blow for users of cryptocurrencies: India wants to ban Bitcoin and Co for payment processes or other transactions, as Finance Minister Arun Jaitley announced on Thursday. Investing in cyber currencies is still possible for investors.

Curb Fraud

The government wants to take measures to curb fraud and illegal transactions with digital currencies, added Bitcoin expert Kartik Shinde from the consulting company EY.

India has been at war with Bitcoin & Co for a long time: The government has linked them to fraudulent pyramid schemes in several cases. The local tax authorities also asked tens of thousands of cyber foreign exchange investors to pay capital gains taxes in January. According to a survey, deals with a volume of 3.5 billion dollars (2.81 billion euros) have been made in the past 17 months. Many investors would have concealed their business from the authorities.

Course sags

The price of the best-known and largest cyber currency Bitcoin dropped nine percent on Thursday to $ 9,025. Last year the price had jumped from less than $ 1,000 to nearly $ 20,000. More and more central banks, governments and supervisory authorities are warning against cryptocurrencies, which are still largely unregulated. China and South Korea have already tightened the thumbscrews and are considering a total trade ban. Financial regulators in Europe and the USA also want to bring the industry under more control. (Reuters / APA, February 1, 2018)