Skip to main content

Budget 2018: Jaitley told don't kill cryptocurrencies in India; here's why

Arun Jaitley announcing during Union Budget speech that virtual currencies are no legal tender

Bitcoin


Budget 2018 : With Finance Minister Arun Jaitley announcing that virtual currencies are no legal tender and that the proliferation of its use for illegitimate financing will be curbed, industry experts urged him to regulate, not curb, them.
"Cryptocurrencies are no legal tender and the government discourages its use. However, the government will look at the utilisation of Blockchain (a distributed digital technology that supports cryptocurrencies)," Jaitley said in his Budget speech in Parliament.

Bipin Preet Singh, Co-founder of e-wallet MobiKwik, reacted that "the government should consider regulating cryptocurrencies than curbing their use entirely".

Neither the government nor the Reserve Bank of India (RBI) has authorised any virtual currency as a medium of exchange till date but the momentum for such virtual currencies is catching up rapidly in India like other countries.

"The announcement on the cryptocurrency should not be misinterpreted. The intention is more likely to regulate the circulation to avoid its usage for illegal transactions," noted Rashmi Deshpande, Associate Partner, Khaitan & Co, a leading law firm.
"In addition, the government has recognised the viability of blockchain technology that powers cryptocurrency. Efforts should be made to bring in regulations at the earliest to achieve this aim," Deshpande added.

According to Sapan Gupta, National Practice Head-Banking & Finance at law firm Shardul Amarchand Mangaldas, capitalizing on the Blockchain technology could open new ways of securing peer-to-peer lending transactions, boosting trade finance, fintech and information repository sectors.

Read More : Budget 2018 highlights

Labels:

Comments

Post a Comment

Popular posts from this blog

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor  and indoor activities in their training schedule.   Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...
Post a Comment
Read more

PSU bank employees go on two-day strike; services hit at many places

  Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country Employees of  public sector banks  (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual. Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to ...
Post a Comment
Read more

'When rape is inevitable, enjoy it...': Congress MLA in Karnataka Assembly

  Senior Karnataka Congress leader KR Ramesh Kumar made a sexist and unsavoury comment on rape in the state Assembly Senior  Karnataka Congress leader  and former Karnataka Assembly Speaker KR Ramesh Kumar on Thursday made a sexist and unsavoury comment on rape in the state Assembly. Speaking in the Assembly, Kumar said, “There is a saying that when rape is inevitable, lie down and enjoy it. That is exactly the position in which you are.” The senior Congress MLA’s remark was made when MLAs began to demand time from Speaker Vishweshwara Hegde Kageri to discuss farmers’ issues in the Assembly. When the Speaker asked how the Session would be conducted if the time was allotted to everyone. “Whatever you decide I will say yes. What I am thinking is that let us enjoy the situation. I can’t control or regulate the system, my concern is about the business of the house, it has also to be covered,” the Speaker told the members. To this, the  Congress MLA  Ramesh Kumar mad...
Post a Comment
Read more