Published: Fri, February 02, 2018
Science | By Cecil Little

Don't kill but regulate crypto currencies, Jaitley told (Second Lead)

Don't kill but regulate crypto currencies, Jaitley told (Second Lead)

His announcements are aimed at regulating the country's cryptocurrency market but it is not as expected by many prior to the commencement of Budget 2018.

The government will take measures to prevent the use of cryptocurrencies in financing illegitimate activities or as a payment system, said finance minister Arun Jaitley while presenting the Budget.

Still, little has been done to actually curb the trading and use of cryptocurrencies in India, outside of official statements. The Reserve Bank of India is already looking for the cryptocurrency. "However, the government will look at the utilisation of blockchain", Jaitley said in his Budget speech in Parliament, adding that the technology can help further boost the Digital India campaign.

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

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"This clearly indicates that the Government will now either come out with a legislative mechanism, or make suitable amendments to existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalize entities and individuals who are involved in trading [it]", Panda said.

Enthusiasts of cryptocurrency in India have come up with different interpretations of the finance minister's Budget speech, with some claiming that it had been declared illegal.

CoinMarketCap price charts show that bitcoin has been falling for weeks, though this latest crash has been blamed on mounting confusion surrounding the Indian Government's stance on cryptocurrencies.

Despite bitcoins valuations hit an all-time high and spike in interest in cryptocurrencies, the Indian government has been reluctant to proceed with bitcoins and others.

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Naeem Aslam, chief market analyst at TF Global Markets in London, said regulatory news is a long-term positive.

The glittering of Bitcoin has fainted as soon as we entered the year 2018.

"The announcement on the crypto currency by the FM should not be misinterpreted to mean the cryptocurrency is going to be discouraged by the government". The news of the major drop of value in Bitcoin followed the earlier reports that raised worries about increased regulation in India and potential price manipulation at Coinbase, the leading us marketplace for trading major cryptocurrencies.

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