In the Union Budget 2018 today, Arun Jaitley reiterates that crytocurrency is not a legal tender and its use shall be discouraged in India.
This has again been highlighted today in the budget though the Finance minister emphasized on the adoption and use of blockchain technology by the government.
The announcement comes at a time when banks have been reported to freeze accounts of cryptocurrency exchanges as well as ROC has stopped the registration process of such entities which intend to operate as a cryptocurrency exchange.
Across the globe there is a clampdown on all cryptocurrencies including bitcoins wherein US has further ramped up its scrutiny against them. South Korea has banned all anonymous trade in these virtual currencies.
There is a threat that illicit and black money can be put in these currencies to harness gains.
So in order to regulate the crypto market the minister cleared the air around them by stating that cryptocurrrency are not legal tender.