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Ethereum was up slightly on the day. Industry experts urge FM Jaitley to not kill but regulate cryptocurrencies. Last year's explosive rise in the value of digital coins and the flood of new retail investors drawn to the market have rattled global regulators nervous about a sector used largely for speculation.
Officials have said cryptocurrencies are used by criminals to launder money. India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use. The Indian finance minister said his government would take "all measures" to remove crypto-assets in "financing illegitimate activities or as part of the payment system", Arun Jaitley told parliament.
It was not clear whether the ban would affect all cryptocurrency adverts on the social media site. Facebook could not immediately be reached for comment. In a development welcomed by cryptocurrency investors, the finance minister of South Korea, a major hub for digital coin trading, said on Wednesday there was no plan to outlaw their buying and selling after regulators had earlier pledged to do so. Critics call cryptocurrencies a speculative mania that will end in tears for thousands of retail investors.
Supporters say the price volatility is a distraction from the value of the underlying technology. Those backers believe cryptocurrencies and the "blockchain" technology underpinning them will transform the way money is stored and transferred, upending the conventional banking system. International regulators are set to debate how to address the risks posed by the market at the next G20 meeting in March.
Bank of England governor Mark Carney said this week that the G20 needed to consider how easily digital coins should be converted into other central-bank issued currencies, as well as the role of anonymity, as "a lot of the underlying use of these currencies has been illicit activity".
Which reported in Jaitley in August. But no regulations have been confirmed, leaving rumors to swirl. Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.
The Government will explore use of block chain technology proactively for ushering in digital economy. One clear takeaway from that is the minister is sounding much more positive about blockchain technology.
And his tonal contrast between blockchain and cryptocurrencies is obviously intentional — and therefore interesting. But whether that means you should hodl or not depends on your own personal threshold for risk. The point about the Indian government not recognizing crypto as legal tender was already made by Jaitley, back in December. And a crackdown on crypto financing illegitimate activities is what any government will say it wants to do. Budget bitcoinarun jaitley Ethereum was up slightly on the day.
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