Budget 2018: Cryptocurrency is not a legal tender, but government will keep exploring blockchain technology, says Arun Jaitley

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Updated: February 1, 2018 12:33:35 PM

Budget 2018: Reiterating government's stand on the digital currencies, Finance Minister Arun Jaitley on Thursday in his budget 2018 speech said that that the government doesn't consider cryptocurrency as legal tender. "Will take all measure to eliminate use of crypto in financing illegitimate operations," said the Finance Minister Arun Jaitley.

Budget 2018 by Arun jaitleyBudget 2018: Arun Jaitley’s speech on budget

Budget 2018: Reiterating government’s stand on the digital currencies, Finance Minister Arun Jaitley on Thursday in his budget 2018 speech said that that the government doesn’t consider cryptocurrency as legal tender. “Will take all measure to eliminate use of crypto in financing illegitimate operations,” said the Finance Minister Arun Jaitley. He also said that the government will  keep exploring working on the blockchain technology. Finance Minister Arun Jaitley tabled budget 2018 today just after the implementation of the historic GST.

Income tax impact of Budget 2018. Calculate gain or loss with this Income Tax Calculator

Blockchain technology allows organisation of records without intermediaries, said the finance minister. He therefore said that the government will keep exploring the technology to further strengthen digital India campaign. The government has time and again warned the cryptocurrency investors in the country against the dangers of investing in digital currency. Even the Reserve Bank of India has issued caveats against making investment into cryptocurrencies such as bitcoin 4 times in the past year. Along with the central bank, Sebi and income tax department has showed their concern on the digital currencies many times in the past year. Arun Jaitley presented budget 2018 today.

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Bitcoin was the flavor of the season last year worldwide that almost touched $20,000 levels last year, a rise of over 1700 percent.  Other than Bitcoin, other major cryptocurrencies are Ripple, Tron and others.  The social media site Facebook, yesterday, is bbanned advertisements network that promote cryptocurrencies, initial coin offerings and binary options, saying these advertisements only deceive investors. Arun Jaitley presented budget 2018 today.

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