Cryptocurrency Not Recognised As Legal- FM Arun Jaitley

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To reaffirm its stand on the cryptocurrency including bitcoins after it made a massive surge this year in a run upto to give almost 1000% returns to its investors, FM Arun Jaitley on Thursday said it is still not recognized as a legal tender in the Indian context.
On being asked about the government's decision on cryptocurrency, Finance Minister reiterated that "we don't recognise this as legal currency as of now".

Cryptocurrency Not Recognised As Legal- FM Arun Jaitley

In the month of August, Jaitley said that no entity in the system of crypto or virtual currencies has been licensed. And all individuals, traders shall engage in virtual currencies at their own risks in the absence of any regulatory system and body.

The committee comprising representations from Department of Economic Affairs (DEA), Ministry of Home Affairs (MHA), RBI, SBI, Niti AAyog and Department of Financial Services (DFS) have submitted a report on the regulation of the currency which has fast gained traction. The report is currently under examination.

With Inputs From PTI

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