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EconoTimes

Digital Currency Revolution

Indian Finance Minister: Government to embrace blockchain; Bitcoin is not legal tender

Friday, February 2, 2018 5:45 AM UTC
0
comments

Indian Finance Minister Arun Jaitley has announced the government’s intention of tapping into blockchain technology in its digitization efforts.

Jaitley presented the Union Budget 2018-19 on February 01 in the Lok Sabha, the lower house of the parliament. He announced the government’s blockchain and cryptocurrency plans in his annual budget speech.

“Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries,” Jaitley said. “The Government will explore use of block chain technology proactively for ushering in digital economy.”

Regarding cryptocurrencies, the minister said that the government will take the necessary steps to eliminate their use in the payment system.

“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,” he said.

This could mean that the government might roll out a policy which would ban the use of cryptocurrencies as legal tender.

Speaking on the floor of Rajya Sabha last month, Jaitley underscored the lack of a mechanism to prevent the misuse of cryptocurrencies by terrorist groups and other anti-national elements. He had said that the government is currently awaiting the report from an expert panel which was set up last year to look into cryptocurrency regulation.

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2018-11-16 21:29:41
0m
ARGENTINA OCT 2018 PRIMARY BUD BAL FINAL INCREASE TO -16585.9 ARS VS PREV -22854.3 ARS
2018-11-16 21:22:56
0m
S&P, ON NETHERLANDS, SAYS POTENTIAL FINANCIAL, ECONOMIC SHOCKS COULD POTENTIALLY EMANATE FROM SLOWDOWN IN WORLD GROWTH/ADVERSE EFFECT ON NET TRADE FROM BREXIT
2018-11-16 21:22:45
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S&P SAYS THE NETHERLANDS RATINGS AFFIRMED AT 'AAA/A-1+'; OUTLOOK STABLE
2018-11-16 21:21:53
0m
FITCH SAYS AFFIRMS BULGARIA AT 'BBB'; OUTLOOK STABLE
2018-11-16 21:06:23
0m
FITCH AFFIRMS ROMANIA AT 'BBB-'; OUTLOOK STABLE
2018-11-16 21:05:29
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FITCH AFFIRMS ROMANIA AT 'BBB-'; OUTLOOK STABLE
2018-11-16 21:02:57
0m
FOR THE WEEK, THE S&P FELL 1.61 PCT, THE DOW LOST 2.22 PCT, THE NASDAQ SHED 2.15 PCT
2018-11-16 21:01:56
0m
BRAZIL'S BOVESPA CLOSED AT 88,515.27, UP +2.96%
2018-11-16 21:01:04
0m
CANADA'S S&P/TSX COMPOSITE CLOSED AT 15,153.50, UP +0.06%
2018-11-16 21:00:21
0m
NASDAQ UNOFFICIALLY CLOSES DOWN 10.51 POINTS, OR 0.14 PERCENT, AT 7,248.52
2018-11-16 21:00:15
0m
S&P 500 UNOFFICIALLY CLOSES UP 6.59 POINTS, OR 0.24 PERCENT, AT 2,736.79
2018-11-16 21:00:10
0m
UNITED STATES SEP 2018 NET L-T FLOWS,INCL.SWAPS DECREASE TO 16.7 USD VS PREV 111.4 USD (REVISED FROM 111.5 USD)
2018-11-16 21:00:08
0m
DOW JONES UNOFFICIALLY CLOSES UP 129.68 POINTS, OR 0.51 PERCENT, AT 25,418.95
2018-11-16 21:00:06
0m
UNITED STATES SEP 2018 FOREIGN BUYING, T-BONDS DECREASE TO -11.5 USD VS PREV 63.1 USD
2018-11-16 21:00:03
0m
UNITED STATES SEP 2018 NET L-T FLOWS,EXSWAPS DECREASE TO 30.8 USD VS PREV 131.7 USD (REVISED FROM 131.8 USD)
2018-11-16 20:32:31
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BREXIT: FORMER UK BREXIT SECRETARY DAVID DAVIS SAYS PM MAY "WILL HAVE TO COME UP WITH ANOTHER ALTERNATIVE" TO BREXIT DEAL WITH EU - CNBC
2018-11-16 20:32:25
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BREXIT: FORMER UK BREXIT SECRETARY DAVID DAVIS SAYS PM MAY'S BREXIT DEAL WITH EU "WILL BE REJECTED" BY PARLIAMENT - CNBC
2018-11-16 20:23:08
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CFTC-SPECULATORS INCREASE CBOT US 5-YEAR TREASURY FUTURES NET SHORT POSITION BY 14,163 CONTRACTS TO 570,542 IN WEEK ON NOVEMBER 13
2018-11-16 20:23:02
0m
CFTC-SPECULATORS TRIM CBOT US 10-YEAR TREASURY FUTURES NET SHORT POSITION BY 205,991 CONTRACTS TO 333,195 IN WEEK ON NOVEMBER 13
2018-11-16 20:22:56
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November 16 21:00 UTC Released

UST Flows,Incl.Swaps

Actual

16.7 Bln USD

Forecast

Previous

111.5 Bln USD

November 16 21:00 UTC Released

USOverall Net Capital Flows

Actual

-29.1 Bln USD

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108.2 Bln USD

January 31 00:00 UTC 420313420313m

ARAnnual Primary Balance*

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2016 bln ARS

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 432133432133m

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-1541 %

January 31 00:00 UTC 420313420313m

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2016 bln ARS

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January 22 19:00 UTC 432133432133m

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-1541 %

January 31 00:00 UTC 420313420313m

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Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420313420313m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 420313420313m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

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