India Finance Minister Threatened to Outlaw Cryptocurrencies in India

India’s Finance minister Arun Jaitley

In his budget speech delivered in Parliament on Thursady 1st February 2018, the Indian Prime minister has threatened to outlaw the use of cyrptocurrencies for what he termed as illicit purposes reiterating that the government does not consider them to be legal tender but on the same breath assured that the government will proactively explore blockchain technology. In his speech, the minister said:

“Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for
ushering in digital economy”.

For the full Budget Speech (or paragraph 112 on cryptocurrency) read Here

Ahmed Ali