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  • News From Press Cryptocurrency not legal tender in India, but blockchain gets new life in Budget 2018

    Cryptocurrency not legal tender in India, but blockchain gets new life in Budget 2018

    Source: Mint Feb 5, 2018

    For the first time, a Union Budget speech has talked about cryptocurrencies and blockchain technology, which indicates that the government is clearly focused on bringing in regulations on cryptocurrencies.

    The finance minister in his Union Budget 2018 speech said, “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” However, the government has recognized blockchain and said that a “distributed ledger system or the blockchain technology allows organization of any chain of records or transactions, without the need of intermediaries. The government will explore use of blockchain technology proactively for ushering in digital economy.”

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