While Bitcoins Start To Gain Acceptance Worldwide, India Stays Reluctant

A bill submitted in the Arizona state seeks to allow the citizens to pay state taxes using bitcoins or other cryptocurrencies. India's finance ministry, on the other hand, has categorically stated that bitcoin is not a legal currency.

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While Bitcoins Start To Gain Acceptance Worldwide, India Stays Reluctant

A bill submitted in the Arizona seeks to allow the citizens to pay state taxes using bitcoins

Bitcoins and their trading have started gaining acceptance lately, so much so that the experts and lawmakers who condemn it rush to either tone down their criticism, at times though, of cryptocurrency or to beat a hasty retreat. This flip-flop stems from the colossal popularity of bitcoins. For instance, JPMorgan CEO Jamie Dimon called bitcoin a 'fraud' in September last year, But the stupendous jump in bitcoin prices (it posted a jump of 1,400 times in one year) made him eat his own words when he said that he regrets calling it a fraud. Not only the financial doyens, but the lawmakers also tread with caution against their intended clampdown against bitcoins. For instance, as soon as South Korea's justice minister Park Sang-ki on Thursday stated that the government is mooting a law to ban the bitcoin exchanges, the country's finance minister Kim Dong-yeon softened the stand by saying that the justice minister's proposal needs coordination from other ministries.


Five Changes That Are Positive For Bitcoins

1. A bill submitted in the Arizona state of America seeks to allow the citizens to pay state taxes using bitcoins or other cryptocurrencies. India's finance ministry, on the other hand, has categorically stated that bitcoin is not a legal currency.

2. A fast food chain KFC in Canada is accepting bitcoins for bitcoin themed bucket of chicken. At the same time, India's finance minister Arun Jaitley had made it clear on more than one occasion that bitcoin is not a legal tender.

3. Richard Branson, founder of Virgin group said, "I have invested in bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting." On the other hand, Reserve Bank of India cautions users, holders and traders of virtual currencies against potential risk while trading in bitcoins.

4. Japan had passed a law earlier in April last year that recognized bitcoin as a legal currency. While in India, the finance minister constituted the formation of a committee under the chairmanship of special secretary, department of economic affairs to look into cryptocurrency legitimacy. On August 2, 2017, the committee submitted its report to the government.

5. Michael Dell was quoted as saying that Dell is the largest e-commerce business accepting bitcoins. Microsoft co-founder Bill Gates said that bitcoin is a technological tour de force.

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