Indian Blockchain committee head clarifies that cryptocurrency is not illegal in India

In line with the previous moves, Finance Minister Arun Jaitley, while presenting the Union Budget 2018 today said that while the Indian government favours blockchain, it, however, will do every bit to stop Bitcoin and other cryptocurrencies trading in India in financing illegitimate activities.

Jaitley stated, “The Indian government will take all measures to eliminate the use of crypto-assets in financing illegitimate activities. The government will also explore the use of blockchain technology for ushering in the digital economy.”

Interestingly, Jaitley used the word ‘crypto-assets’ instead of ‘virtual currency’ which has been used by the RBI and the Indian government so far in their statements.
Despite the Indian government’s strict actions, many organisations and entrepreneurs are still looking forward to launching cryptocurrency exchanges in the country.

This can also be seen as a positive statement that if no black money is involved, the government might allow the cryptocurrency trade to continue in future.