Crypto Currency Not Legal In India, Says Arun Jaitley (Finance Minister of india )

in bitcoin •  2 years ago 

           dear steemit friends  ,

                 


 New Delhi: Finance Minister Arun Jaitley on Thursday said that India does not recognize crypto currency as a legal tender.

Yesterday, virtual currency bitcoin touched a record high of $ 11,434, before declining 20 percent.

"The government's position is clear, we do not recognize this as legal  currency as of now," Jaitley said when asked if the government has  taken any decision on crypto currency.

Earlier in August, Jaitley had informed that there are no regulations  governing virtual currency, including bitcoins, in India and the RBI  have been able to provide such currency to any entity / company to any  license.

He  had further said that taking cognizance of concerns raised on different  fora from time to time on the use of virtual currency (VCs) and  regulatory challenges, the Department of Economic Affairs (DEA), DEA  from the representation with a committee, financial department Services (DFS), Ministry of Home Affairs (MHA), RBI, Niti Aayog and SBI

The committee has submitted its report.

Bitcoins were in news recently after a massive global ransomware attack 'WannaCry' hits systems in over 100 countries. The cyber criminals demanded about $ 300 in crypto-currencies like bitcoin for unlocking affected devices

Recently, bitcoin exchange start-up BitBox announced the introduction of the advanced marketplace for buying bitcoins in India. The  exchange provides access to higher liquidity order book for BTC / INR  pair which allows a person to buy or sell bitcoins instantly. 


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