Cryptocurrencies ‘still’ not a legal Tender in India: Budget 2018
Cryptocurrency investors in India were pinning their hopes high on the Budget 2018 which is being presented today by finance minister, Mr. Arun Jaitley to bring some clarity on concerns which have created enough FUD over the past couple of months, starting with IT raids on Indian exchanges back in early Dec 2017. However, Government is still preferring to play the “wait and watch” game it seems.
The statement from Mr. Jaitley read
The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets,” says Finance Minister Arun Jaitley.
Cryptocurrencies has made a fortune for many who invested in its early years, but the regulatory policy makers are still unclear on their stand. Investors and startup in India were waiting eagerly to get clarity on
1. Tax on trading transactions and profits
2. KYC Process of the exchanges
3. Clearer directions for banks who have frozen accounts of many exchanges oflate
4. Use of ICOs as an investment vehicle for venture funding in India from Global investors
5. Introducing smart contracts in government processes for e.g., keeping land records
However, the Budget 2018 session failed miserably to provide clarity on any or all of these topics and the investors are once again left in the lurch to make their own assumptions.
Although the government is not denying the use of blockchain technology in Government processes, however, there is nothing categorically mentioned on the timeframe of such an introduction. Its a ‘careful’ stance taken by the government on the use and trading of cryptocurrencies which is leaving the startup community and investors disappointed big time. I believe this is the main reason why decentralized and permissionless world would continue to grow on its own and whether policy makers like it or not, its gonna give the control back into the hands of people.
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