Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges

The Indian government has been actively issuing warnings regarding the risks of investing in cryptocurrencies such as bitcoin. However, Indians are not deterred, crowding to register at crypto exchanges in the country.

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Indian Government Actively Issuing Warnings

The Indian government has repeatedly warned about bitcoin and other cryptocurrencies.

Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges
Finance Minister Arun Jaitley.

This week, Finance Minister Arun Jaitley reiterated in Lok Sabha that cryptocurrencies are not legal tender in India. Last week, the finance ministry issued a warning, stating that they are “like Ponzi schemes.” Several parliament members also expressed concerns over their trading at crypto exchanges. Meanwhile, the Reserve Bank of India (RBI) has issued multiple warnings of its own. Last year, the bank issued two warnings regarding cryptocurrencies, one in February and one in December.

On Thursday, a parliament member Ajay Mishra demanded in Lok Sabha that “the government should make a network capable of monitoring the bitcoin currency,” according to the Hindustan.

Despite Multiple Government Warnings, Indians Flock to Crypto ExchangesJaitley clarified, as reported by Ndtv, that the government “is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken.”

Earlier this month, news.Bitcoin.com reported on the Indian government sending notices to wealthy bitcoin traders, informing them that they will have to pay capital gains tax. The notices followed on-site searches by the tax department Read More Here