Union Budget India Highlights 2018: 'Government Does Not Consider Cryptocurrency As Legal Tender,' Says Finance Minister Arun Jaitley

Written By Saniya Rao | Mumbai | Published:

Finance Minister Arun Jaitley on Thursday started his Budget speech by highlighting that the ‘government led by Prime Minister Narendra has successfully implemented a series of fundamental structural reforms.’ He further said that Budget 2018 will focus on agriculture, rural economy, health, infrastructure and senior citizens.

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Reiterating his previous stance, the Finance Minister Arun Jaitley in his Budget speech stressed that the Government does not consider cryptocurrencies as legal tender, and will take necessary actions against the use of cryptocurrencies for illegitimate activities.

"Cryptocurrency investors in India have to bear in mind that the government doesn't consider them legal tender," FM Jaitley announced in his Budget address.

He added, "the government will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment system"

For the unversed, Bitcoins are a part of a rising new genre of digital payments called 'cryptocurrencies' that work on blockchain technology with no centralised administrator. This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.

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