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Later Months of Waiting,it seems India might make a decision on cryptocurrencies by the end of 2018. The finance ministry set up to observe the cryptocurrency market is likely to treat them as commodities.
Following Finance Minister Arun Jaitley’s announcement at the presentation of the annual budget in February this year, a wave of panic had ready the Indian cryptocurrency ecosystem. He expressed his strong horror for cryptocurrencies during his speech, where Jaitley had stated:
'''The government does not recognise cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegal activities or as part of the payments system. The Government will explore use of Blockchain technology practically for assuring in Digital Economy.”
The commission also includes BP Kanung, the Deputy Governor of the Reserve Bank of India [RBI], and Ajay Tyagi, the Chairman of market regulator Securities and Exchange Board of India among many others.
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