India Budget 2018-19 | Arun Jaitley, Finance Minister of India on Cryptocurrency

[remedcu]

Source: https://steemit.com/remedcu/@remedcu/india-budget-2018-19-or-arun-jaitley-finance-minister-of-india-on-cryptocurrency

As quoted by Arun Jaitley, Finance Minister of India about Blockchain & Cryptocurrency in India's budget 2018-19:

"Distributed Ledger System on the Blockchain Technology, allows organisation of any chain of records or transactions without the need of intermediateries.

The government does not consider Cryptocurrencies as legal tender or coin. And will take all measures to eliminate the use of these crypto assets in financing illegitamate activities or as a part of the payment system.

The government will explore use of blockchain technology proactively for ushering in a digital economy."

[StigHelmer]

My interpretation was "as part of the payment system" referred to a payment system for illegitimate activities.

Otherwise why wouldn't he just say "eliminate cryptocurrencies."

[remedcu]

My interpretation was "as part of the payment system" referred to a payment system for illegitimate activities.

Otherwise why wouldn't he just say "eliminate cryptocurrencies."

Thank you for the correction, can you tell me was it "illegitamate activities as part of the payment system" or "illegitamate activities or as part of the payment system." so that I can correct it.

[agnosticpilgrim]

The stance still remains unchanged as it was earlier. And given Mr. Modi is as pro towards digital things, it was never going to be any other way. Government wants to adopt blockchain and does not want cryptocurrencies to finance criminal activities. I think that's as fair as they can be. Unless you are engaged in wrongful activities or not paying taxes, you should be just fine.

In India, you can very safely ignore MSM (mainstream media). They are more bothered about their revenues and TRPs. They are the biggest FUDers on earth.

[StigHelmer]

My interpretation was "as part of the payment system" referred to a payment system for illegitimate activities.

Otherwise why wouldn't he just say "eliminate cryptocurrencies."

Thank you for the correction, can you tell me was it "illegitamate activities as part of the payment system" or "illegitamate activities or as part of the payment system." so that I can correct it.

You didn't misquote it, I was just questioning how we should interpret what was said.

[cryptomoon123]

Any news on bitcoin good or bad has only one meaning - Bitcoin going meanstream

[The_Don]

dont worry and nothing to panic because govt just need taxes .. .. if any one have lots of coin then just declare it to govt pay tax and redeem it .. thats it

[Cryptomoom1007]

It is just temporary ! India will not ban bitcoin

[mihir]

For now, we have rejected the progressive policies that countries like Japan, Canada, Australia, Estonia and Chile have adopted. Avoided a measured path to regulation – the American way. We are no Bolivia or Venezuela to impose punitive measures against the trading or holding of bitcoin. We have managed to remain seated on the fence while moving it forward perceptibly. A conservative, decidedly aspirational attempt at extracting the value without engaging with the volatility. Definitely Indian.
Source:- https://thewire.in/220203/budget-2018-bitcoin-india-dead-long-live-blockchain/