Will India Recognise, Tax and Regulate Bitcoin?
CNBC India reveals that the country's Ministry of Finance has set up a committee with a view to recognising bitcoin/cryptocurrencies as legal tender (and of course looking at ways to tax and regulate it - the very idea!).
One sentence in particular caught my eye:
The committee was installed by the Ministry of Finance, the country’s financial regulator, citing ‘concern’ with the growing adoption of cryptocurrencies in India.
Translation:
The committee was installed by the Ministry of Finance, the country’s financial regulator, citing ‘concern’ over people being able to conduct transactions, freely and in private, without the interference of meddling bureaucrats.
Take a look at the full article here.
it seems to be that bitcoin will have a legal value in India,but nothing has been officially done yet. But i can surely tell you that if it becomes official in their law, the bitcoin price will simply explode !
PS : sorry for bad english, im trying to improve it hue hue
"But i can surely tell you that if it becomes official in their law, the bitcoin price will simply explode !"
Yes, it'll be a massive stamp of approval for bitcoin/crypto if a government recognises it as legal tender. As far as I'm aware, if India does sanction it, it'll be the first to do so.