Budget 2018 | Attention! Trading in bitcoins? You must know what Jaitley just announced about cryptocurrency – 5 points

If you are interested in bitcoins or thinking of making some quick money via cryptocurrency, then you must read this.

In his fifth Union Budget, Finance Minister Arun Jaitley (LIVE UPDATES) made it clear that the Narendra Modi government is not in favour of the new-age currency craze. Here are 5-point guide to what exactly happened in the Union Budget 2018 regarding bitcoins:

1: Union Finance Minister Arun Jaitely said that bitcoins have no place in in formal economy of ‘demonetised’ India.

2: In what can be seen as a ban in offing, the Finance Minister said that the Narendra Modi government will take all steps to eliminate use of cryptocurrencies.

3: He said that bitcoins are being used to fund illegitimate transactions.

4: Earlier also, Jaitley had said that bitcoins are not a legal tender in India.

5: The Finance Minister had said that the cryptocurrency is just like Ponzi schemes and that the investors must be cautious about their funds. ‘There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,’ Jaitley had said in the statement.

The issue of the bitcoin has been discussed in the Rajya Sabha. During the Question Hour in Rajya Sabha, DMK member Kanimozhi had asked about any regulating measure regarding bitcoin. Jaitley had said that the Centre's consistent position was that such currencies were not legal tender.