Jaitley up's the heat on cryptocurrencies such as bitcoin, but embraces blockchain for digital transactions

Last Updated: Thu, Feb 01, 2018 12:21 hrs

Arun Jaitley well forty five minutes into the budget announcement revealed the government's stance on cryptocurrencies such as NEO, Cardano, Bitcoin, Ethereum, Ripple, etc.

The Government does not consider cryptocurrencies as legal tender. It will ban illegitimate blockchain transaction, but use it proactively to usher digital payments.

"Measures to eliminate use of crypto-assets in financing illegiate activities to be taken" said the Finance Minister.

"Government to explore use of block chain technology proactively to usher in digital economy," he added.

Bitcoins on Thursday, the day of India's budget, opened at $10166.51. They peaked a high of $10203.07, and a low of $9902.38. Will they dip further after Jaitley's announcement?

More from Sify: