Government of India Says No to Cryptocurrencies, Maybe to Crypto Tokens

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Government of India Says No to Cryptocurrencies, Maybe to Crypto Tokens
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Government of India Says No to Cryptocurrencies, Maybe to Crypto Tokens
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The Indian government has strongly opposed cryptocurrencies, but according to the Cointelegraph, India may allow their citizens to exchange crytpo tokens in the future. The government of India has repeatedly compared crytopocurrencies to ponzi schemes, denying they should even be defined as a currency.

Subhash Chandra Garg, India’s Department of Economic Affairs secretary, had this to say about the situation:

“The committee is studying the possibility of using cryptocurrencies or crypto technology for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.”

Considering the Indian government essentially outlawed its own currency recently, in an effort to raise tax revenue, the Indian people may have a lot to gain from the use of cryptocurrencies. India’s crackdown on cash turned out to be a complete failure, according to their government banking data.  In the minds of many in the crypto community, the Indian government’s preference of crytpo tokens simply reinforces the benefits of minable currency over tokens.

Mess of Media’s cryptocurrency reporting is for informational purposes only. Our reporting should not be considered financial advice. Participation in the crypto market is at your own risk.

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