Union Budget 2018: Bitcoin Is Officially Illegal In India

Union Budget 2018 Budget 2018 Budget 2018 cryptocurrency Cryptocurrency India legal Bitcoin India legal Bitcoins India illegal Artificial intelligence 5G in India 5G India

Just last week, Japan-based digital exchange Coincheck suffered a major cyber breach and lost more than $530 million in NEM, the 10th biggest cryptocurrency by market capitalisation.

The government does not consider cryptocurrency as legal and will take all measures against its illegal use, said Finance Minister Arun Jaitley while presenting the Union Budget 2018.

Malaysia-based Belfrics had launched its bitcoin exchange in India a year ago and Vijaykumar had told THE WEEK recently that it has stopped taking any fresh deposits from India, in the wake of the regulatory uncertainty. This is in light of Indian banks removing payment support for these exchanges making it hard to convert fiat money into cryptocurrencies. Instead, he reinforced Indian government's commitment and push for blockchain technology. "However, the government will look at the utilisation of Blockchain (a distributed digital technology that supports crypto currencies)", Jaitley said in his Budget speech in Parliament.

In his budget speech on Thursday, Finance Minister Arun Jaitley reiterated the government's earlier stand that it was not a legal tender in India and went a step ahead in stating steps would be taken to eliminate it.

Shahid and Mira showstopper in "Lakme Fashion Week"
Shahid Kapoor and Mira Rajput got married in 2015 and welcomed their first daughter Misha a year ago . The outfit was a soothing blend of divine whites, array of pastel shades and sage colours.

During the run-up to the budget, there have been talks that the government could come out with a roadmap to regulate the cryptocurrency market.

"Regulating exchanges is (the government)'s immediate task", Kim said. One of the key apprehensions has been that these cryptocurrencies could dent the government's efforts against the black money. "The price of bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices", the finance ministry said last month. "However, banning cryptocurrency will not necessarily mean the stop of trading activity around it".

"News about India potentially cracking down on cryptocurrencies added to an already bad week in terms of headlines", said Andrew Se, cryptocurrency trader and co-founder of research website Cryptoprofile.com. "Speaking with investors, they are comfortable that now we have some regulatory framework around this".

Related News:



Most liked

Chris Christie steps out of spotlight, joins ABC News
We've all gone through this before", Christie said , "and I don't think we've met that high standard yet as to President Trump. However, Brian Murray, the governor's spokesman, confirmed Christie was at the beach, according to multiple reports .

Nokia 3310 4G Launched : Check complete specifications
No pricing has been announced but China Mobile has reported that it will be carrying this model starting from February onwards. In design aspect, the phone looks same as the original Nokia 3310 which was launched at MWC past year .

Key Republicans Support Mueller Handling of Trump Probe
No; the only thing that is surprising is that it took us so long to find out about it. Wynn, so I have no money to return", she said.

A Mild Day, But Much Chillier Friday
Any new snow would be under an inch, with a half inch falling Thursday and a half inch falling Friday , the weather service said. Wind speeds are expected to be from the mid-teens to the low 20s, with gusts as high as 30 miles per hour throughout the region.

Trump's Big Speech: More Pep Rally Than Bipartisan Breakthrough
More about clean coal technology on a recent episode of The Allegheny Front's Trump on Earth podcast. Meanwhile, the speech only confirmed that the racial polarization and xenophobia will continue.

Eagles make a point to practice a Super Bowl halftime
But obviously I couldn't say anything, like 'Oh man that hurt, ' because I'm with the toughest guys in the world. For years and years, we believed that the greatest athletes in the National Football League are wide receivers.

Microsoft Acquires Cloud Gaming Firm PlayFab
PlayFab's platform reduces the barriers many developers face when launching cloud-based games, serving up solutions that can grow as their games do.

We Wanted That Quick Goal - Tottenham Star Hails Win Over Manchester United
Christian Eriksen took just 11 seconds to break the deadlock at Wembley, the fastest Premier League goal for 15 years. His debut left Guardiola enthusing: "Yesterday he made the first training session but today we saw how good he is".

Iran's hijab protest catches on
Sotoudeh told The Guardian that a woman appeared on the exact same telecoms box as Movahed at around 11 a.m. Thousands of people, including men, have changed their profile pictures in support of Movahed.

Refreshed UI, Drop and Drop & Files App Support
This update follows Microsoft's announcement last week of its new feature for OneDrive for Business called Files Restore . Any documents opened in Files, can be updated and saved back to OneDrive storage from within the Files app.

What others say: New tariffs will hurt many companies and people

Trump demanded loyalty from another Justice official
White House press secretary Sarah Sanders said in a statement Tuesday that Trump had not yet "seen or been briefed on the memo". The meeting took place just days before Rosenstein was scheduled to testify before the House Judiciary Committee.

12-year-old in custody after two shot at middle school
Preliminary information indicated she was 12, said Steve Zipperman, chief of the Los Angeles Unified School District police force. The middle school is located on the Belmont High School campus and has about 365 students in grades six through eight.

Samsung is Reportedly Working on Chips for Cryptocurrency Mining
He predicts sales from cryptocurrency mining chips will account for less than one per cent of Samsung's total revenue this year. Mining is a process of solving mathematically complex problems that serve to verify the transactions of cryptocurrency coins.

Kevin Rudd: Ex-PM sues Australian Broadcasting Corporation
The prime minister's office has also refused to comment, simply issuing a statement about the investigation. The classifications include "top secret", "sensitive", "Australian eyes only" and "cabinet-in-confidence".