Bitcoin: Finance Minister of India Arun Jaitley had a speech today about Budget 2018-19 at Parliament. In that, he gave a speech about Bitcoin use and trading in India. Bitcoin is on trend for over the past two months and the Government was expected to provide a clarity on cryptocurrencies to the people.
In today’s Finance Minister Arun Jaitley’s Budget speech, he said, the cryptocurrency is illegal and the government was not going to recognize it. Because of the increase in the value of Bitcoin, there is a craze among people. Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in Ponzi schemes. Hence the Government has begun a crackdown on illegal uses of unregulated currency.
However, Arun Jaitley has announced that the would adopt blockchain which is the technology that supports cryptocurrencies. The Reserve Bank of India is already looking for the cryptocurrency. The success of Bitcoin encouraged the bank to develop its own cryptocurrency as it is not comfortable with the non-constant cryptocurrency. A group of RBI experts is examining to develop a fiat cryptocurrency which would be an alternative to Indian rupee for digital transactions.