Government Says : Cryptocurrency is not a legal tender !

Cryptocurrency is not a legal tender!

All you need to know about CryptoCurrency and Bitcoin [ Read Here ]

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New Delhi:

The government on Tuesday said cryptocurrencies such as Bitcoin were not legal tender and that no protection was available to those using them or dealing with them.

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While replying to a query raised by DMK MP Kanimozhi in the Rajya Sabha, finance minister Arun Jaitley said both the Reserve Bank of India (RBI) and the government of India had consistently maintained and made it public that cryptocurrencies were not “legal, lawful tender” in India. “It is operating online…There have been expert groups which have been set up to see how to deal with this situation…But this is not legal tender…From 2013 to 2017, this has consistently been the position of both the Central bank and the government,” he said.

Asked if the government was aware that cryptocurrency was being used for illegal activities including terrorism, Jaitley conceded that lack of dependence

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on the state had made cryptocurrency function with a certain amount of anonymity. “It functions within the virtual community…and enjoys the trust of that virtual community itself. It operates through blogs; it operates through WhatsApp groups etc. There are several kinds of cryptocurrencies. In fact, there are 785 virtual currencies all over the world which are today in operation. There are about 11 such online exchanges which have been identified in India,” said the finance minister.

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Jaitley said an inter-departmental committee set up in 2016 had examined the risks posed by cryptocurrencies and decided that certain cautions be taken and that people engaged in this activity be warned that there is no lawful protection. This was accordingly done, he added.
 “Now, regarding how in future it is to be dealt with in India, there is an expert group under the secretary, department of economic affairs, which is functioning (and) whose report is now awaited,” he added.

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All you need to know about CryptoCurrency and Bitcoin [ Read Here ]

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