1st February 2018 was a big day for India. India's much awaited Budget that runs the entire economy was announced by the Finance Minister of the country Mr. Arun Jaitely.
Since a few months, the Indian Financial market is buzzing with the legalization and regulation of Cryptocurrency aka Digital Currency in the country.
With the introduction of the Financial Budget for FY18, Finance Minister Mr. Arun Jaitely also addressed concerns about the usage of cryptocurrency in the market financial system.
In his speech he said, "Crypto currencies are no legal tender and the government discourages its use. However, the government will look at the utilization of Blockchain (a distributed digital technology that supports cryptocurrencies)”
After the speech,there have been various interpretations regarding the future of cryptocurrencies in India by leading personalities. However, what the FM actually conveyed was that he will put all efforts to discourage the Digital assets usage in unlawful and illegal activities such as Money laundering, Terrorism Funding, Black Money Generation, Hacking and many more.
Additionally, he also said that the government is not against the Blockchain technology that underpins Cryptocurrencies.
It's ridiculous to read that the government of India in general knows about the existence of the world of cryptocurrencies. What can you talk about if they are still skeptical about the problems of the population at all: poverty, dirt and overpopulation. Early to immerse in the blockchain world!
