India cancels spending of Bitcoin!
Indian Finance Minister, Arun Jaitley’s Union Budget 2018, said India will not make Bitcoin cryptocurrencies a part of the current digital payment system.
The Indian Government
- Cryptocurrencies are ‘not legal tender’ and investors cautioned to sell, sell their Bitcoins !
- Income tax department has sent show cause notice to Bitcoin buyers and sellers.
- Cryptoexchanges should deposit 20% advance long-term capital gains tax on crypto earnings.
- Leading banks given 3-month deadline to help customers swap ‘Bitcoins for Indian Rupees’!