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Indian Government does not consider cryptocurrency as legal tender

Jake Hill
Jake Hill

Indian finance minister Arun Jaitley refused to accept the cryptocurrency like a bitcoin as a legal currency . Yesterday during the presenting of 2018 budget proposal he said that

The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.

It means the government said that the cryptocurrency was not considered a legal currency. they would take any measures to eliminate these uses as part of the funding and payment system for illegal activities.

This statement is likely to cause concern among cryptocurrency related companies and investors. Jaitley does not mention specifically prohibiting bitcoins and other cryptocurrency.

Besides, although the use of cryptocurrency as a means of payment is restricted. Investors are not forbidden to trade them with exchange of cryptocurrencies.

Restaurants and facilities that accept cryptocurrency may be forced to stop accepting. But there is no suppression in cryptocurrency trading.

Also at the end of last year Indian Ministry of Finance has issued warning about investment risk as cryptocurrency such as bitcoin.

Source : CCN

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com