Union Budget 2018: Crypto-currencies illegal, says FM; to explore Artificial Intelligence technologies

Union Budget 2018: The government of India does not consider cyrpto-currencies as legitimate, but it will explore the use of blockchain technologies, according to the Finance Minister Arun Jaitely.

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Union budget 2018: Finance Minister Arun Jaitley said that crypto-currencies like bitcoins will remain illegal in India. The govt will explore 5G, AI, machine learning and blockchain technology.

The government does not consider cyrpto-currencies as legitimate but will explore the use of blockchain technologies, said Finance Minister Arun Jaitley during his Union Budget 2018. The Minister also said the government will explore Artificial Intelligence (AI) and machine learning technologies. The budget has also allocated Rs 10,000 crore for the telecom sector to help in the development of rural WiFi.

On Artificial Intelligence, Jaitley announced that Niti Aayog will establish a national programme for this area. The programme will explore both AI and machine learning technologies and their use in India. Additionally, the Department of Science will launch a national programme in the field of cyberspace as well.

The government also declared that while it will explore the potential use of blockchain technology, which powers bitcoin and other cryptocurrencies, these virtual currencies remain illegal for all purposes in India and it will work towards eliminating the use of these. “Cryptocurrency is being used to fund illegitimate transactions,” Jaitley said.

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Also read: Union Budget 2018 Live updates: Budget explained in real-time

On the BharatNet project, which aims to bring high-speed fibre internet to rural areas across India, the government announced that it proposes to set up 5 lakh WiFi hotspots. The government will allot Rs 10,000 crore in the telecom sector for rural WiFi.

The government also declared that it will be looking at the indigenous development of 5G internet in India with a test bed at IIT Chennai. The Indian Express had reported on December 27, 2017 that the Department of telecommunications was looking to set up a 5G test bed anchored by the Indian Institute of Technology, Madras. According to a DoT official at the time, the test bed is expected to be operational within the next six months.

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