Bitcoin, other cryptocurrencies not legal, govt to eliminate their use

Cryptocurrency is not legal tender in India but the govt will explore blockchain to usher in the digital economy, says Arun Jaitley while presenting Union Budget 2018

Finance minister of India Arun Jaitley said all cryptocurrencies, which includes bitcoin, are illegal and the government will take measures to eliminate their use.

“The government does not consider cryptocurrencies 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.

Interesting: Where & How to buy CryptoCurrencies in India

India has always been opposed to cryptocurrency, claiming that they can be a channel for money laundering and terrorist financing. Nevertheless, according to reports, the Reserve Bank of India (RBI) has a group studying whether digital currencies backed by global central banks can be used as legal tender.

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Bibith K Mathew (born on 29 July 1998) is an Indian Internet entrepreneur. He is best known as the CEO and Managing Director Vebcy Innovations and HostMargin India.

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