Indian government warning Bitcoin investors and considering it not to be a legal tender

Bitcoin in India has been one of the most discussed topic in the last few months with the increasing investors in the Cryptocurrencies. Since the Indian government was silent over the years about Cryptos so it was considered neither illegal nor legal in India and people were investing in Cryptos through exchanges like Zebpay or Unocoin without any fear. But with the increase of prices of Bitcoin to this high specifically after the demonetization in India last year , the income tax department got their bones active and raid the exchanges last month. Most importantly the Indian government also broke it's silent on the issue and yesterday finance minister Arun Jaitley said that Bitcoin is not a legal tender in India and that the investors are investing at their own risk, signalling to the ban of Indian Bitcoin exchanges. Main reason for the government to be concerned of is the price hike of Bitcoin after the demonetization last year which signals that the black money that the government promise to bring back from Switch bank are now in Bitcoins.

Let's see what happens next.

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