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Indian Finance Minister Calls Cryptocurrency illegal

It gives off an impression of being the finish of the tenure for digital currencies in India.

Finance minister Arum Jaitley, in his Budget discourse yesterday (Feb. 02), expressed that the system will do everything to end the utilization of bitcoin and other cryptocurrencies in India. He emphasized that India does not consider them as lawful delicate and will rather support blockchain innovation in payment systems.

“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system,” Jaitley said.

In India, the use of cryptocurrency is a violation of foreign-exchange rules and the income tax department has sent tax notices to thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period.

Bitcoin Exchanges trading in controversial digital currencies like Bitcoins today affirmed that it’s “the same old thing” hours after Finance Minister Arun Jaitley announced such instruments as unlawful.

Chief executive and co-founder of Unocoin Sathvik Vishwanath issued a statement -“There is no change in the government stance with respect to trading cryptocurrencies. Cryptocurrency holders need not panic and the business is as usual,” while Zebpay’s Nischint Sanghavi claimed Jaitley’s comments are being misreported to say that Bitcoins are illegal and affirmed his exchange’s full support to the government to eliminate their use in illegitimate activities.

 

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