The Union Budget session 2018 witnessed a number of interesting decisions and one such was about ‘cryptocurrency regulation’. Making the Ministry’s intentions clear, FM Arun Jaitely stated that they won’t be giving legal tender for cryptocurrencies in India. FM however mentioned that, instead of cryptocurrencies, the govt. would be looking to utilize the blockchain technology.
Crytpcurrency, amidst the craze which it experiences these days, however is having a hard time in India. It has to be mentioned here that a number of banks have already frozen accounts, which deals with cryptocurrencies. Similarly, the Registrar of Companies (ROC) too has stopped registering the companies, which takes part in such activities.