The budget(2018-19) presented by finance minister Arun Jaitley mentioned that digital payments are key to the government's policies. Following are some big takeaways: On cryptocurrencies: The Finance Minister said the government currently does not consider cryptocurrencies as legal and said that the government will take all measures to eliminate the use of crypto assets in the payment system. However, he said that the Government will still explore the use of blockchain technology for a digital economy. (The blockchain, the underlying technology in bitcoins and other cryptocurrencies, is a shared digital ledger which is continuously updated with all transactions. This ledger keeps a record of each transaction that occurs across a fully distributed or peer-to-peer network, either public or private.) Note that Union Ministry of Finance had issued a warning on Bitcoin trading and other virtual currencies which are not backed by a government fiat. It also…
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