Confused statement by Indian Minister of Finance Arun Jaitley

Confused statement by Indian Minister of Finance Arun Jaitley

Statements by the Indian Minister of Finance are causing confusion in crypto markets.

In a speech on India’s budget on Thursday, Feb. 1, Finance Minister Arun Jaitley made a statement on cryptocoins that was negatively interpreted by many news agencies and contributed to lowering the bitcoin price below the $ 10,000 threshold .

Published by LiveMint, a site specializing in the publication of speeches by Indian officials, the minister’s statement was as follows:

The Indian government does not consider cryptomonas as fiat coins and has taken all necessary measures to eliminate the use of these digital assets in illegal or payment systems.

The statement was interpreted by several general media channels as a warning against their ban by the Indian government, although no regulations covering this area have been implemented so far. For example, the Quartz website has published an article stating that “implementation of legislation that makes illegal crypto currencies trading is imminent.

By contrast, sources in the cripto market have another interpretation – the Unocoin exchange commented on Twitter that there is no change in the Indian government’s perspective on cryptocoins, officials are reserved because they still do not know how to approach the subject from a point of view legal view. Until the implementation of a legislative structure, cryptocoins are a gray area. Cointelegraph Joseph Young correspondent points out that the minister’s statement refers to the use of crypto in illegal activities, not to the fact that the crypto domain is illegal.

At the beginning of December 2017, Jaitley also stated that “the government is not currently accepting cryptocoins as a legal currency” and that a committee has been formed to develop a legislative structure for these activities.

In the same speech, the minister argued that blockchain technology is of interest to state institutions and will explore its implementation options to support the evolution of the digital economy.

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