South Korean Government Will Not Ban Bitcoin Trading

4 stars based on 43 reviews

A budget speech given by India's finance minister led to numerous reports that India was banning the use of cryptocurrencies such as Bitcoin and Ethereum within the country.

While Arun Jaitley noted in a speech that the Indian government does not recognize cryptocurrencies as legal tender, his slightly ambiguous language resulted in something of why governments will not ban bitcoin misunderstanding. At first glance, Jaitley's speech certainly seemed to imply that the Indian government wants to forbid the use of cryptocurrencies.

In reality, he merely voiced concern about how cryptocurrencies were being used, and announced vague plans to introduce regulation to stop their use for illegal purposes. Delivering his speech, Jaitley said:. Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system.

The Government will explore use of block chain technology proactively for ushering in digital economy. The Blockchain and Cryptocurrency Committee of IAMAI points out that what Jaitley said in no way condemns cryptocurrencies to illegality, just that -- as he said earlier in the year -- "bitcoins or such cryptocurrencies are not legal tender. To extrapolate that to mean that such assets are 'illegal' is irresponsible. The committee adds that it welcomes the move by the government, saying that it indicates a maturity of thinking and sees it as an important piece in the anti-money laundering puzzle.

There is, however, more than a slight air of sycophancy, when the committee says:. We understand the Government's position in wanting to eliminate the use of crypto-assets as part of the payment system. Since we are committed to support every why governments will not ban bitcoin that the Government brings in, we will work with the Government to help it achieve its stated objective.

While some will mourn the shunning of cryptocurrencies, the government's willingness to embrace blockchain technology, however, will be seen as a key component of improving security and accountability as India grows its digital economy.

Despite reports to the contrary, India is not banning Bitcoin and other cryptocurrencies By Mark Wycislik-Wilson Published 4 months ago.

Contextual access management eliminates passwords. Why governments will not ban bitcoin asks British users to submit their nudes as protection against revenge porn. Organizations struggle with cloud costs. Download all the information Apple holds about you from its new Data and Privacy portal. Enterprise data increasingly accessed from mobile devices. Spectre and Meltdown variant 4:

Free litecoin spinner

  • Bitcoin solo mining calculator ever

    Robot arduino nano pinout vin

  • Hash rate chart bitcoin values

    Linux mint bitcoin wallet

Kate spade hot pink diaper bag

  • Building robots lego mindstorms nxt pdf

    Bitcoin legitimate transactions

  • Blackcoin mining sites

    The bitcoin group 129money laundering rising prices bitcoin etf and quasicoins

  • Charlie lee litecoin price

    Litecoin p2pool stratum functionalism

Bitcoin mining debian server

21 comments Bittrex cannot generate address

Bitcoin value increase since 2010

Safe to say, the truth of the matter is a lot more gray. Yes, Jaitley talked tough on crypto currencies. But no, there was no outright ban — not yet, anyway. It did set up a committee to look into crypto back in April. Which reported in Jaitley in August. But no regulations have been confirmed, leaving rumors to swirl. Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries.

The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.

The Government will explore use of block chain technology proactively for ushering in digital economy. One clear takeaway from that is the minister is sounding much more positive about blockchain technology. And his tonal contrast between blockchain and cryptocurrencies is obviously intentional — and therefore interesting.

But whether that means you should hodl or not depends on your own personal threshold for risk. The point about the Indian government not recognizing crypto as legal tender was already made by Jaitley, back in December. And a crackdown on crypto financing illegitimate activities is what any government will say it wants to do. But nothing is explicitly stated. We are discouraging people from using it now. And no one should argue with the sense of that. Reports of the death of Bitcoin in India have been greatly exaggerated.

But how exactly will Bitcoin and crypto be regulated in India? Well, that remains to be seen.