On February 1, while presenting the national finance budget, India’s minister for finance, Arun Jaitley announced that the country does not recognize Bitcoin as legal tender and that crypto payments will be penalized.
Jaitley’s comments raised questions among India’s crypto community about the legitimacy of trading, and the price of Bitcoin fell to a two-month low of less than $7,000. Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) is one among many people in India working toward spreading awareness on cryptocurrency in the country.
Khurana said, “Having the finance minister say that cryptocurrency isn’t legal tender is perfectly logical –- every nation barring Japan has taken this stance. It doesn’t mean crypto trading is illegal, but [that it] comes with its own risks like any other investment asset in the market.” There are at least five million active traders in India, transacting via regulated banking channels, Khurana noted.
IAMAI is focused on increasing user awareness outreach programs as also on putting together an online course using input from industry experts and Bitcoin exchanges. “There are multiple dimensions to Bitcoin such as the technology, security and privacy. It is important to be aware of every aspect [so as] to understand Bitcoin better and make informed decisions while trading,” added Khurana.
