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Bitcoin No More, But Budget 2018-19 Gives New Life to Blockchain Technology

India is a home to a large number of bitcoin traders and investors. There are approximately five million active cryptocurrency traders in India transacting via regulated banking channels. One in every 10 bitcoin transactions in the world takes place in India.

The Declaration
In the Budget 2018-19 speech Indian finance minister clearly denied use of cryptocurrencies as a legal tender and even stated that the government will ensure elimination of bitcoin and other cryptoassets in India.  The finance ministry earlier termed cryptocurrencies as a Ponzi scheme that is unsafe for investors and can result in sudden and continual crash exposing investors, especially retail investors losing all their hard-earned money. Government does not recognize cryptocurrencies as a legal tender and will instead reassure use of blockchain technology in payment systems.
Referring to blockchain technology the finance minister said that a “distributed ledger system or the blockchain technology allows organizatio…

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