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February 3, 2018 08:00 am

India Rejects Cryptocurrency, But It Isn't Giving Up On Blockchain

Mark Wilson shares a report from BetaNews: A budget speech given by India's finance minister led to numerous reports that India was banning the use of cryptocurrencies such as Bitcoin and Ethereum within the country. While Arun Jaitley noted in a speech that the Indian government does not recognize cryptocurrencies as legal tender, his slightly ambiguous language resulted in something of a misunderstanding. Now the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) has spoken out in an attempt to clarify the issue, and allay fears that Bitcoin et al are on the verge of being banned. At first glance, Jaitley's speech certainly seemed to imply that the Indian government wants to forbid the use of cryptocurrencies. In reality, he merely voiced concern about how cryptocurrencies were being used, and announced vague plans to introduce regulation to stop their use for illegal purposes. Delivering his speech, Jaitley said: "Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy."

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