No ban on Crypto. Finance Minister Arun Jaitley reiterates Governmen’t stance.

No ban on Crypto. Finance Minister Arun Jaitley reiterates Governmen’t stance.

Indian Finance Minister Arun Jaitley briefly spoke about Blockchain and Cryptocurrencies at today’s Budget session in the parliament. He reiterated the government’s stance that they do not recognise Cryptocurrencies as a legal tender and will take measures to prevent illicit activities using Cryptocurrencies. He was also very positive on the use of Blockchain. Here’s the part of the session where he talks about Cryptocurrencies:

Finance Minister Arun Jaitley said “Distributed Ledger System on the Blockchain technology allows organisation of any change of records or transactions without the need of any internmediateries. The Government does not consider Cryptocurrencies as Legal Tender or Coin and will take all measures to eliminate the use of these Crypto Assets in Financing Illegitimate Activities or a Part of the Payment System. The Government will explore use of Blockchain technology proactively for assuring in Digital Economy.”

These were the exact words Arun Jaitley said. There is no ban on Cryptocurrencies like other media sources would want you to believe. They’re only looking to curb illegitimate transactions using Cryptocurrencies like any government would want to do.