Sci-tech

Indian Government Seeks to Eliminate Use of Crypto-assets in the Country

Indian Government Seeks to Eliminate Use of Crypto-assets in the Country

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.

India's government has become the latest to say that it doesn't consider cryptocurrencies as legal tender and that it will take measures to "eliminate" the use of them. The Minister also said the government will explore Artificial Intelligence (AI) and machine learning technologies. BACC welcomes the statement and reaffirms our unstinting assistance to the Government, and all regulators, in helping evolve a robust ecosystem for cryptocurrencies'. "Distributed ledger systems or blockchain technology allows organization of any chain of records or transactions without the need for intermediaries".

Though cryptocurrency exchanges in India continued trading, as usual, Thursday's announcement of the government influenced a significant fall in the value of Bitcoin and other major cryptocurrencies.

For the longest time, cryptocurrency traders have been suggesting that the government should make this possible in a legitimate way, where innocent people aren't cheated.

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"The encouragement for blockchain technology will boost digital economy and will usher in transparency and efficiency in the economy", Subho Ray, president IAMAI, said.

Post the budget announcement, price of bitcoin has slumped and at the moment it is trading at $9282.40 per coin.

Even as the government has toughened its stand against cryptocurrencies, it seems keen on the underlying blockchain technology.

We have seen some dumping of bitcoins.
It also states that it will crack down on individuals and bodies which might use crypto for illegitimate activities (like terrorist funding). "However, banning cryptocurrency will not necessarily mean the stop of trading activity around it". "We will have to wait and watch as to what will be the final framework of such legislation". The intention is more likely to regulate the circulation to avoid its usage for illegal transactions. "Efforts should be made to bring in regulations at the earliest to achieve this aim", Rashmi Deshpande, associate partner, Khaitan & Co said.


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