In India, the end of the road for cryptocurrencies seems nearer than imagined earlier.
India's finance minister Arun Jaitley in his budget speech today Feb 1' 2018 said:
- India does not recognize Bitcoin or other crytpocurrency as legal tender.
- The Indian government will do everything to discontinue the use of bitcoin and other virtual currencies in India.
- India will encourage blockchain technology in payment systems.
This declaration has come after months of speculation over the fate of Bitcoin and other cryptocurrencies in India. The government and the Reserve Bank of India have repeatedly expressed their discomfort over bitcoin and other e-currencies. The government had announced that the implications and regulatory aspect of virtual currency was being studied by the government. Not many people know that India is home to a large number of bitcoin traders and investors. 10 % of global bitcoin transactions in the world takes place in India.
Bitcoin in India has lately become a ponzi scheme to snare unsuspecting small investors and an easy way to evade tax. It is expected that government might soon come out with a law to make trading in cryptocurrencies illegal. Bitcoin prices on Indian exchanges have been consistently higher than those prevailing internationally. This premium is due largely to India's capital control system, which makes it difficult for Indians to buy bitcoins abroad, and for foreigners to take advantage of the high Indian prices
The finance minister has said that India will encourage blockchain technology in payment systems. On Artificial Intelligence, Jaitley announced that Niti Aayog will establish a national programme for this area. The programme will explore both AI and machine learning technologies and their use in India. Additionally, the Department of Science will launch a national programme in the field of cyberspace as well. State Bank of India has begun the preocess of employing Blockchain technology to help prevent frauds and tackle bad loans. The bank's initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks.
Congratulations @eguru! You received a personal award!
Click here to view your Board
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @eguru! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit