With the government budget for 2018-2019 officially presented yesterday, some rumors have been swirling around about India's stance on crypto. Like many other governments, India fears that crypto will weaken their hold on monetary control of their countries finances.

That said, the following quote from the union's document doesn't exactly inspire confidence:

"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.”

At first glance, it's understandable how this could be misconstrued to imply that the Indian government is trying to limit cryptocurrency usage in payment for goods and service.

But based on comments later in their document, this does not appear to be the case. In seems that finance minister Arun Jaitley, the presenter of the document, meant that crypto could not be used in lieu of Indian rupees - similar to US dollars, Euros or pounds - to make purchases.

Buying and selling crypto on an exchange with fiat is still legal. Exchanging one crypto for another is still legal as well.

Later on Jaitley is quoted as saying, "The government will explore use of blockchain technology proactively for assuring in digital economy."

Substandard grammar aside, it seems that the Indian government recognizes the power that blockchain technology has in revamping our social fabric.

Furthermore, it would be foolish for any government to attempt to limit the usage of cryptocurrency. Its decentralized nature and makes it virtually impossible to stop P2P transactions between parties.

Despite the incredible poverty of most of the Indian population, India has a powerful economy and is extremely tech savvy. I would be surprised if they don't become a leader in the blockchain space in the next 5 years.

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