BENGALURU: Budget 2018 has clarified that cryptocurrencies like bitcoin are not legal tender in India but finance minister Arun Jaitley expressed support for blockchain technology, which makes cryptocurrencies possible.Blockchain is a decentralised digital ledger, in which transactions are recorded chronologically. Any changes to the ledger can be seen by all participants, making it hard to tamper with. Jaitley said the government is exploring blockchain technology to usher in the digital economy. Andhra Pradesh is the first Indian state to run pilots on blockchain technology by putting up land records on a public ledger. "While Budget 2018 is directionally correct in their approach to digital adoption, adequacy of allocations for digital India , digital education & digital healthcare are a cause of some concern," said R Chandrashekhar, Nasscom president.However, in a first, the Budget pointed to IEBR (internal- and extrabudgetary resources) worth Rs 5,700 crore towards Digital India.

Source: Economic Times February 02, 2018 03:36 UTC