Budget 2018: Government to use blockchain for digital economy

There are over 4 million users of cryptocurrencies in India

Finance Minister Arun Jaitley has reiterated in his Budget speech 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”.

The statement is the first by the government that cryptocurrencies will not be a part of the payment system. The value of Bitcoin and other cryptocurrencies is rising as they gain ground as payment systems internationally. 

Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of India (BACC), which has most cryptocurrency exchanges as members, says, “Hearing the finance minister