India says no to bitcoin

The Finance Ministry did not immediately respond to an email seeking comment. No official data is available.

Bitcoin: No, India should not buy Bitcoin

User registrations and money inflows at local crypto-exchange Bitbns are up fold from a year ago, said Gaurav Dahake, its chief executive. The senior official told Reuters, however, that the plan is to ban private crypto-assets while promoting blockchain - a secure database technology that is the backbone for virtual currencies but also a system that experts say could revolutionise international transactions. A government panel in recommended jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies.

It's traded by probably hundreds of millions of users today so, the price is determined by trading. I believe any price is fair," says Zhao. The crypto bull believes we are still in very early stages.

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The number of people who can potentially use bitcoin is much larger than number of people using bitcoins today. According to him, right now, bitcoin probably has about 1 per cent penetration in the world.

CZ says looking at the market right now, it seems like there is no stopping for bitcoin. Even, 10 million dollars does not shock me," says CZ. But whether we can get there or not, I am not sure, no one can predict it, he adds. Zhao does not believe there's a lot of risk.

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He says cryptocurrencies can be used for good as well as bad purposes. There's nothing bad about US dollars.

Bitcoin is a better currency on many different fronts," says Zhao. In fact, he thinks, limiting country's citizens' ability to hold cryptocurrency is almost the same or probably worse than limiting citizens to use internet or mobile phone.

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He says, "that will be devastating for the economy. There has been no official statement on the possible cryptocurrency ban, from the government, or the Reserve Bank of India RBI which is expected to formalise any regulatory frameworks for cryptocurrency in the country. There will be a very calibrated position taken.

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But the threat of a ban had always loomed large. In , the Reserve Bank of India had issued a circular which confirmed that regulated entities in the country cannot provide cryptocurrency services in the country.