Cryptocurrencies Like Bitcoin Not ‘Legal, Lawful Tender’

Arun Jaitley said an inter-departmental committee set up in 2016 had examined the risks posed by cryptocurrencies. Mobile payments company Square has allowed vendors to accept bitcoin since 2014, but this year the hot company jumped into bitcoin in a bigger way: it added a feature to its Square Cash mobile app that allows Altcoin news today customers to buy and hold bitcoin Square stock popped on the news and is up 183% in 2017.

The ballooning prices then drew the attention of other regulatory bodies in India including SEBI, Enforcement Directorate, Income Tax Department and RBI as they feared that a sudden spurt of numerous schemes offering investment in virtual currencies could result in losses to investors.

In June, after Bitcoin reached another new high of USD 3,000, the government appointed a panel comprising officials from the Finance Ministry, NITI Aayog, Ministry of Information Technology, State Bank of India and the Reserve Bank of India (RBI) to decide whether India should regulate or legalise virtual currencies such as bitcoins.

Previously, South Africans who wanted to buy Ethereum – or other altcoins – typically had to purchase Bitcoin from Luno, send it to a cryptocurrency exchange, and then buy their desired process incurred Bitcoin transaction fees and could take several hours.

The global debate reached a point what many people called a ‘ civil war ‘ in June — where the cryptocurrency faced a ‘hard fork’ that threatened the Bitcoin community to split in two to make the currency’s software protocol to allow it to meet the increased demand and handle more transactions — the valuation of the cryptocurrency fluctuated further.