Post budget, the media is going mad and is creating a lot of fud over bitcoin.
No, the finance minister hasn’t called Bitcoin illegal and isn’t going to end the Bitcoin movement (look at this NDTV title:
Budget 2018 Bombshell for Bitcoin – Finance Minister Arun Jaitley Says Will Eliminate Use of Cryptocurrencies.
FM Jaitley has reiterated his earlier position on Bitcoin, i.e.
- We still do not recognize it as a legal tender (it is still a ponzi scheme)
- We are NOT banning cryptocurrencies.
- You can trade bitcoins and that’s fine (just ensure that you take care of the taxation part).
Instead, what the government plans to do is to eliminate crypto for financing illegitimate activities.
The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.
The government however will encourage the use of Blockchain, which is a great move.
In short, there is no news.
The government has reinforced its earlier stance and there is nothing to freak about.