India rejects cryptocurrencies ban

Posted July 19, 2019

Indian Finance Minister Rayja Sabha has indicated to the Parliament of India his stance against the ban on bitcoins and other cryptocurrencies through a letter that clarifies rumors that have spread about the possible prohibition of cryptocurrencies in the asian country.

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In the letter the minister indicates that cryptocurrencies are not prohibited in India despite the risks involved, however, remain in an unregulated status. This means that although there are no laws that prohibit their use, they are not recognized as a means of legal payment and even so the government discourages their use, maintaining its distance from the country's banking entities.

The unregulated status allows to do transactions with cryptocurrencies, such as trading in crypto-exchanges and payments, however, several governments such as China have taken strong measures against them, ranging from banking strict use to total prohibition. Measures due to the decentralized nature of these and the ease of making anonymous transfers that may include money laundering or financing of terrorism, however, the local laws of the countries are seeking the way to attack the problem head on, more than avoid a world economic revolution.

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