Union Budget 2018: Arun Jaitley made a big announcement in the budget for Bitcoin:- The price of bitcoin is much higher than the currency of any country. Since bitcoin is a virtual currency, it can not be recognized. Bitcoin is still not legalized by many countries.
Arun Jaitley presented the general budget for the fifth time today. Several announcements have been made in the budget. Arun Jaitley has made a big statement about the digital currency in the budget. The finance minister has announced a ban on bitcoin-like cryptology in the 2018 speech. In the budget speech, Jaitley said that such currency is illegal in the country. Digital currency such as bitcoin cannot be recognized. Digital currency such as bitcoin will stop.
The central government has already issued warnings to the virtual currency bitcoin several times before the budget. Alerting the investors, the government had said that it is like a PONSI scheme, in which innocent investors are victims of fraud. The Finance Ministry had said in a statement that Bitcoin is not valid in India. The Income Tax Department had raided several Bitcoin exchanges around the country a month ago.
What is bitcoin?
Bitcoin has created a ruckus in the case of virtual currency in the present time. The price of bitcoin is constantly increasing. The price of bitcoin is much higher than the currency of any country. Since bitcoin is a virtual currency, it can not be recognized. Bitcoin is still not legalized in many countries. Talking about India, the Reserve Bank of India has not considered Bitcoin as a legal entity yet. At present, the price of 1 bitcoin is 627292.37 rupees. The price of bitcoin has seen a sharp decline in the last days.