India Does Not Recognize Cryptocurrencies as Legal Tender

Today, while presenting the country’s budget  for 2018, Arun Jaitley, Indian finance minister, spoke on refusing to recognize virtual currencies legal
01 February 2018   808

During his speech on the Union Budget 2018-19 at the Indian Parliament, Arun Jaitley reported that the Indian government does not consider any cryptocurrency as a valid funds. Also, the government will take measures to eliminate the use of virtual currency as part of the payments system or in financing activities.

Last month the country's Ministry of Finance already cautioned the public against investments in cryptocurrencies, calling them a ponzi scheme. The finance minister’s statement was released in a month after the above mentioned caution.

Despite the government position , this statement is likely to cause concern among traders and investors of cryptocurrencies.

However, any ban or restriction on the usage of virtual money as payment does not prohibit trading on cryptocurrency exchanges, because the finance minister did not report any ban on cryptocurrency exchanges.

At the same time, there are some restaurants and other local places which accept cryptocurrencies in India, and they might be forced to stop due to the government planning to take measures against cryptocurrency.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   75

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.