Topic: India Budget 2018-19 | Arun Jaitley, Finance Minister of India on Cryptocurrency (Read 171 times)

When the finance minister of one of the largest economies in the world says this, then this is a very good signal for the technology sector based on the blockchain.

This statement by Arun Jaitley was read differently by differently people. Most mature investors read this as a positive since it is India talking about imposing regulations to prevent illegal money activities and expressing positively about using blockchain.

What is the best way of preventing illegal activities and controlling the entire monetary system? Having a blockchain based currency so that all transactions can be seen and monitored by the government. Complement this with KYC by all banks and exchanges so that trades between bitcoin or even monero to and from the state-backed crypto can be monitored as well.

We will start seeing such a system being launched by countries who wants to exert full control over the monetary system and they will continue to allow cryptoexchanges as it will allow more international trading to take place. India and China will likely to be the first to implement this and they will become world leaders in finance. This is my take of the situation.

Once states launch their own blockchain currencies, all crypto will gain in value as there are more credibility in the system. OTC trading of crypto will be even more easier too. I am holding on to my portfolio of crypto and adding on to it to wait for this massive move, to be triggered by governments.

That particular statement made stir presently, it create possitive and negative feedbacks. The acceptance or adoption of blockchain technology is widely accepted, however they forget that its the real product of bitcoin to make every transactions transparent and tamper proof.

They will not only run crypto-Rupee, they will also try to harness the power of blockchain for their benefit, maybe they would use it as a backbone to their banks and more. For now, what's certain is that I'd they will explore blockchain tech, I am sure that by the time they finished their exploration they will have a centralized product with it.

No, what he said is that any illegal activities (money laundering, buying illicit drugs, weapons etc) in which crypto assets (not only bitcoins) are used at or involved to would be eliminated by their own government as best as they could. While it seems to be a good effort on their part, I don't think that they'd be changing their stance on the cryptocurrency talks sooner or later. Stricter regulations would surely be imposed on the Indian soil regarding cryptocurrencies, but an outright banning of cryptotrades and exchanges would still be trivial as of this point.


Anyone can still buy and sell bitcoins at their own will. AFAIK there are no taxation laws regarding cryptoassets in India yet. The only thing they're trying to stop right now are the illegal activities in which cryptocurrencies are involved.

Interesting reading because I was wondering why they banned all coins. Seems they want to control it all and I'm pretty sure that India's government will run crypto-Rupee in 2018.

And there is! You all correctly said, just like in the created topic. : D
Everyone connects this news with the fall of the market, but it seems to me that this is an exaggeration, is not it?

As far as I think, yes.

The irony is, they want tax from BTC Trading, but don't want to make it legal.

It is hard to understand what he meant bu this statement. It says that they will take steps to eliminate illegal activities involved with Bitcoins only. Does that mean people paying proper taxes can continue to invest without any issue ?

Fake news all over the world really makes crypto currencies bad in the eyes of ordinary people that dont know bitcoin. Let's hope that it is true and not just another FUD which makes people pannick and let the weak hands withdraw with their investments.

exactly. it is funny that all year long last year bitcoin price was super high over in India because people have been on a buying frenzy. at some point it even reached 20% higher (possibly more but i never saw it) than USD markets. and you never saw this mass coverage of the situation saying yeah price is $970 on Coinbase but it is nearly over $1200 in India

True, and with time I assume more people innovate in this technology and not just consider this as an option to make easy money. If the project idea is viable and it can be done using this, then it surely will make you money.

Negative news sells more.

Weak hands sells more.

People tends to panic more.

And the rest of the scenario can be seen in market.

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.

Blockchain technology is called to be the "invention of the decade" which has created many new opportunities in the world economy. This technology has left a remarkable remark on the world economy and banking sector.

Thank you for actually sharing the real news instead of spreading FUD like I've seen many doing so. So many threads with posts along the lines of 'India are banning bitcoin' etc. I'm beginning to wonder if people are too lazy to read or in fact if the problem is far more serious than that and they in fact are incapable of reading.

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. It’s 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 that’s why they should make use of such great asset and bloom the area of crypto currency.

This info is completely true and covered by all major medias in India. I just made it in text form

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.

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."