Union Budget 2018 | Stand of Govt of India on status of Cryptocurrency in India | (Hindi/ Urdu)

Special courtesy to LSTV for the live video. Please don’t spread FUD. Listen to the video carefully. People misinterpret information and interpret it in a way they prefer to understand it as really they haven’t got a clue about what is being said.

Finance minster Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

Mr. Arun Jaitley to bring some clarity on concerns which have created enough FUD over the past couple of months, starting with IT raids on Indian exchanges back in early Dec 2017. However, Government is still preferring to play the “wait and watch” game it seems.

Cryptocurrencies has made a fortune for many who invested in its early years, but the regulatory policy makers are still unclear on their stand. Investors and startup in India were waiting eagerly to get clarity on

1. Tax on trading transactions and profits

2. KYC Process of the exchanges

3. Clearer directions for banks who have frozen accounts of many exchanges oflate

4. Use of ICOs as an investment vehicle for venture funding in India from Global investors

5. Introducing smart contracts in government processes for e.g., keeping land records

However, the Budget 2018 session failed miserably to provide clarity on any or all of these topics and the investors are once again left in the lurch to make their own assumptions.

Its ‘careful’ stance on the use and trading of cryptocurrencies is leaving the startup community and investors disappointed big time.
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Union Budget 2018 | Stand of Govt of India on status of Cryptocurrency in India | (Hindi/ Urdu)

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