Is The Ban On Bitcoin To Remain In Some Countries?

We at believe countries that have banned Bitcoins will accept Bitcoins eventually. In his budget speech of 2018, Indian Finance Minister Arun Jaitley rightly pointed out that "Cryptocurrency is not a legal tender" which means it is not like any other regular fiat currency which can be used for buying or selling products and services in India. However, this does not mean buying bitcoin is illegal in any country including India. It is just a matter of time when the Governments will seriously consider the option of giving legal status to Bitcoin. There were some real fears on account of which the Governments came out with certain guidelines against the use of bitcoins such as terror-financing, black money laundering owing to the unregulated and decentralized character of bitcoins. But, terror-financing and money laundering also happen through Hawala-transactions. So, bitcoin is not solely responsible. If we consider the volatile nature of Bitcoin, imagine the kind of remittances it will generate if it was made legal in these countries adding to the GDP of the country. Bitcoin is a byproduct of a revolutionary technology (blockchain) which is here to stay for good. There are speculations that in the coming years Cryptocurrency will replace cash money. And we hope that is soon to happen.