India: Budget speech makes crypto investors sit up and take notice

On Thursday, Indian Finance Minister Arun Jaitley delivered noticed speech to Parliament. While the announced measures are primarily aimed at increasing growth in previously neglected rural areas, the financial markets are rather disappointed with the modest government’s fiscal policy, which is considered insufficiently business friendly.

Special attention was also given to the part of Jaitley’s speech that revolved around the use of cryptocurrencies. Already in the run-up to the speech, there were suspicions that strategy for the regulation of cryptocurrencies would be set out today. Correspondingly tense, partly nervous, his comments were expected today. The statement that Jaitley finally made, however, did not contain much new.

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Indian Minister of Finance said:

“Distributed ledger systems or Blockchain technology allow the organization of any chain of data or transactions, without the need for an intermediary. The government does not consider cryptocurrencies as official legal tender or money and will take all measures to stop the use of these cryptocurrencies to fund illegitimate activities or as part of the payment system. The government will proactively explore the use of Blockchain technology to deploy it in the digital economy. “

Arun Jaitley essentially confirms the position that the Indian government is already taking on the issue of cryptocurrencies anyway – cryptocurrencies are tolerated, as long as the dealings they make are in a legal framework. Reports underline the high level of nervousness in the crypto market, which unfortunately we had to report on too often at this point.

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