Indian finance minister: I will try to eliminate the use of crypto

The legality of cryptocurrency in India is a long-debated topic in the financial industry. Today, in the annual budget speech, Indian Finance Minister Arun Jaitley gave a clear picture of the government’s stance on the exploding digital currency economy.

The minister made it clear that the government does not consider cryptocurrency to be legal tender and also stated that the central government will do everything in its power to curb the use of Bitcoin and other cryptocurrencies in its jurisdiction.

In his speech, Mr. Jaitley said: “The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”

Monish Panda, founder of Monish Panda & Associates law firm: “The government will now either come out with a legislative mechanism or make suitable amendment in existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation.'

But on the positive side, Mr. Jaitley praised the underlying technology of Bitcoin – blockchain technology – and encouraged its use in payment systems.

Ajeet Khurana, the newly appointed head of BACC, commented: “Hearing the Finance Minister talk about Cryptocurrency on Budget day is clear indication of how important and widespread this technological innovation has become in India. BACC welcomes the statement, and reaffirms our unstinting assistance to the Government, and all regulators, in helping evolve a robust ecosystem for Cryptocurrencies.”

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original post: Indian Finance Minister Drops a Bomb: Will Try to Eliminate Use of Crypto

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