Cryptocurrency Banned !!!! Is Cryptocurrency Legal Today?
Since the start of 2018 bitcoin has suffered a huge crash as compared to the last year 2017. Bitcoin and other cryptocurrencies have a different relationship because although they are not technically banned they are not considered to be legal tender by many of the financial institutions in India. This was outlined by Our Finance Minister ( Mr. Arun Jaitley ) during a budget speech on February 1, 2018.
The government of India does not consider cryptocurrencies as legal tender or any coin and will take all the measures to eliminate the use of these crypto assets in financing illegal activities. Bitcoin trading is hugely popular among Indians and has seen in recent months across the country.
In recent days India’s Income Tax Department announced that it had issued the notices to various cryptocurrency investors suspected of false profit. People who have made investments in cryptocurrency and have not paid tax on the profit earned by investing, notices regarding the issue have been sent to them as the government feels that it is all taxable.
No further information has been given by Indian Government regarding investing in Cryptocurrencies and further various investors have been waiting for news from Government regarding Cryptocurrency banned.
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