Re: India Budget 2018-19 | Arun Jaitley, Finance Minister of India on Cryptocurrency

Source: https://steemit.com/remedcu/@remedcu/india-budget-2018-19-or-arun-jaitley-finance-minister-of-india-on-cryptocurrency

As quoted by Arun Jaitley, Finance Minister of India about Blockchain & Cryptocurrency in India's budget 2018-19:

"Distributed Ledger System on the Blockchain Technology, allows organisation of any chain of records or transactions without the need of intermediateries.

The government does not consider Cryptocurrencies as legal tender or coin. And will take all measures to eliminate the use of these crypto assets in financing illegitamate activities or as a part of the payment system.

The government will explore use of blockchain technology proactively for ushering in a digital economy."

hopefully the information you give is true because I heard a few days ago the government of India banned the use of bitcoin, and now the government started to explore blockchain technology for the engagement in india hopefully this could be the trigger of the bitcoin price increase.

India is very confused about the use of crypto currencies due to their political pressure and things like money laundering. They have been struggling for anti spam situation always and want to recreate the whole thing for once in all. Its good actually but if they ignore crypto or blockchain then they will fall behind again. I think they should really go for the crypto thing and in real their potential. I heard that India is having most talented people in all sectors and thats why they should make use of such great asset and bloom the area of crypto currency.

Yes they have already taken a wrong decision by demonizing high value currencies and so now they are cautious enough not to do anything wrong.