Finally Finance Minister Arun Jaitley talk about bitcoins

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Finance Minister Arun Jaitley talked about bitcoins and other forms of cryptocurrency in his Union Budget 2018 speech. 

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As per government’s earlier stand, Arun Jaitley said that cryptocurrency is not considered “legal tender”. But he went a step further in his Budget 2018 speech when he said that government will take all possible steps to “eliminate use of cryptocurrencies” for illegitimate transactions. 

The statement seems to suggest a possible hardening of government’s stand on bitcoins and other cryptocurrencies. Yet, the Finance Minister did not, in as many words, ban bitcoins or trading in bitcoins. 

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Replying to a query by DMK MP Kanimozhi in Parliament last year, Arun Jaitley said that a committee is “deliberating over all issues related to cryptocurrencies to propose specific actions to be taken”. This reassertion of the earlier stand on cryptocurrency means that formalisation of the digital currency is still a distant dream. 

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