Cryptocurrency is not legal tender in India but the govt will explore blockchain to usher in the digital economy, says Arun Jaitley while presenting Union Budget 2018. The government will take measures to eliminate use of crypto-assets in financing illegitimate activities or as part of the payment system, the finance minister said.
Both governments and banks are grappling with how to deal with cryptocurrencies, such as bitcoin. Some of the dangers cited are to do with privacy, security and volatility in price. Countries like Japan and China have cracked down on cryptocurrencies while South Korean policymakers said they were considering shutting down domestic bitcoin exchanges.
India has always been opposed to cryptocurrency, claiming that they can be a channel for money laundering and terrorist financing. Nevertheless, according to reports, the Reserve Bank of India (RBI) has a group studying whether digital currencies backed by global central banks can be used as legal tender.
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