For the first time, a Union Budget speech has talked about cryptocurrencies and blockchain technology, which indicates that the government is clearly focused on bringing in regulations on cryptocurrencies. The government will explore use of blockchain technology proactively for ushering in digital economy.”Wait and watch on cryptocurrenciesThe government continues to stick to its stance. “In regards to cryptocurrencies, they don’t consider it as a legal tender, which the finance ministry had mentioned in December. Public blockchain system is required for transparency and you have to pay those who guard it in the form of cryptocurrency,” said Kumar. How it impacts youThe government has again clarified that cryptocurrencies are not legal tender.

Source: Mint February 04, 2018 19:07 UTC