India officially will not treat cryptocurrencies as legal tender and will try allow to use it a valid payment method. The rumors and news has been around from sometimes that India won't favor the cryptocurrency as a payment mode for good and services. Recently Income tax department of india sent tax notices to thousands of people who were trading in crypto which contributes to almost $315 million.
While India has finally come out against cryptocurrencies, after repeated warnings that they were "Ponzi schemes," the government will continue exploring the blockchain's potential for the future digital economy.
The price of the bitcoin even fluctuate for couple of minutes when the news hit the internet on 1st Feb 2018.
I am a strong believer in Crypto and blockchain technology. Lets see how this impact the circulation and trading of crypto in the Indian market.
