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Indian Budget 2018 Almost Kills Cryptocurrency, Govt Terms It An Illegal Tender

After months of speculations over the fate of cryptocurrencies in India, Finance Minister Arun Jaitley in his Budget 2018 speech explicitly reiterated that all crypto-currencies, which include Bitcoin, are illegal and the government will take measures to eliminate it

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As the rising craze for bitcoin, a cryptocurrency rocketed to shocking highs in India, it was expected that the cryptocurrency would come under the government's lens as Modi government seems unimpressed with the phenomenon. The government has begun a clampdown on this unregulated virtual currency. After months of speculations over the fate of cryptocurrencies in India, Finance Minister Arun Jaitley in his Budget 2018 speech explicitly reiterated that all crypto-currencies, which includes Bitcoin, are illegal and the government will take measures to eliminate it. In his Budget address, Jaitley announced, "Cryptocurrency investors in India have to bear in mind that the government doesn't consider them legal tender.” He added, “the government will explore the use of blockchain technology to add muscle to the digital economy.” Blockchain technology works as the backbone of not just Bitcoin, but other altcoins too – to further strengthen the Digital India campaign.

The decision is in line with the Government’s reactions over cryptocurrencies earlier. Earlier in September 2017, before the Bitcoin surge, the Reserve Bank of India said that, "The government is examining the matter. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken."

Cryptocurrencies were in limelight last year with multi-fold returns, values of which skyrocketed in the past year. Cryptocurrencies have been the most popular among the plethora of options. Nevertheless, the underlying assets have been highly unpredictable with price movements fluctuating wildly on news flow.

Going by the chatter online, Twitter definitely had a blast as Arun Jaitley stood up to deliver his speech. And it goes without saying that everybody has an opinion on it. 

Here are some of best Twitter reactions on Bitcoin address from Union Budget 2017.

Soo Arun Jaitley wants to get rid of #bitcoin in India. At the same time, it was recently announced that India’s budget deficit has exceeded the government's initial target  This poor guy is trying so hard to make the rupee great again. 

Bitcoin still is not a legal tender, as first clarified by RBI in 2013. Nothing new came out of this budget, just a lot of retail panic.


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