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With the presentation of 2018’s Budget, Finance Minister Arun Jaitley put an end to the cryptocurrency issue by discouraging its usage. However, Jaitley favoured Blockchain technology and mentioned the government will adopt it. Reports have suggested that ROC has stopped registering such companies and several banks have frozen these accounts.
Jaitley crushed any hopes of Cryptocurrency party
In today’s budget, Finance Minister Arun Jaitley apparently put an end to the road of cryptocurrencies in India. In a move to regulate the cryptocurrency, Jaitley stated that the government will do everything to discontinue the use of bitcoin among other cryptocurrencies in India.
He repeated his previous words that India does not recognise cryptocurrencies as a legal tender and would discourage its use. But he commented that they would definitely encourage the use of blockchain technology in payment systems.
Jaitley has been quoted as saying:
“The government does not recognise 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 payment system.”
