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India to eliminate cryptocurrency payments - Finance Minister

31 January 2018 21:00, UTC

Indian authorities will now try to eliminate all cryptocurrency payment methods and activities because they believe such activities are illegal, told the Finance Minister of India today.

This signals the major change in the policy of Indian authorities towards cryptocurrency. While during the past year there were discussions whether or not to forbid digital currency businesses and services, right now the government of India seems to have reached a single position, as there are currently no messages where they downplay this statement.

Indian market is well-developed and such measures will undoubtedly shatter it, as one can easily conclude from this news. There is a small chance, however, that the government would decide to impose softer measures if the Indian people act similarly to South Koreans. In South Korea, the local Justice Minister endorsed the prohibition of organized cryptocurrency trading, but the government had to downplay the statement and impose the prohibition of anonymous trades instead. This shift happened because of the traders’ furious reaction who sent demands for the Justice Minister’s resignation.