The Finical budget for FY18 was introduced by the Finance Minister Mr. Arun Jaitely in the Parliament on 1st February. The FM took this opportunity to throw light on the much-talked topic – Cryptocurrency in his speech.
A number of economists and analysts have been coming up with various interpretations regarding the future of Cryptocurrencies in India. However, what the FM actually conveyed was that he will put all efforts to discourage the usage of the Digital asset in unlawful and illegal activities such as Money laundering, Terrorism Funding, Black Money Generation, Hacking and many more. Mr. Jaitely also mentioned that the government will explore the use of Blockchain technology.
So while the Indian government’s crackdown on cryptocurrencies was aimed at the prevention of illegitimate activities, the Money Trade Coin Group completely agrees with the government’s stance on regulating on the cryptocurrency market and prevent such fraudulent activities. Even before such announcement from the Indian government, the Money Trade Coin group already had the systems in place that help them to comply with the standards and verify the identity of the cryptocurrency through the KYC and AML procedures.
Money Trade Coin Group wholeheartedly welcomes the measures taken by the government in curbing the loopholes of the cryptocurrency system.
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