Finance Minister Arun Jaitley today said all crypto currencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use. Also Read - FIR filed against Twitter India again, now over child pornography content
“The government does not consider crypto currencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets…,” he said while presenting the Union Budget 2018-19 in the Lok Sabha. Also Read - Mi Notebook Pro X to be Xiaomi's most expensive laptop yet, launch tomorrow
Last year, Jaitley had informed Parliament that there are no regulations governing virtual currencies in India and the RBI has not given any licence to any entity/company to operate such currencies. Also Read - Best 5 apps to buy, sell and trade Bitcoin in India: WazirX, CoinDC, CoinSwitch Kuber, more
He had further said that taking cognisance of concerns raised at various fora from time to time on increasing use of virtual currencies (VCs) and the regulatory challenges, the Department of Economic Affairs (DEA) constituted a committee with representations from DEA, Department of Financial Services (DFS), Ministry of Home Affairs (MHA), RBI, Niti Aayog and SBI.
The committee has submitted its report and it is being examined.
This is published unedited from the PTI feed.