Trading in Bitcoin, Ethereum, other cryptocurrencies illegal: Arun Jaitley

Source: The Hindu

Trading in Bitcoin, Ethereum, other cryptocurrencies illegal, says Arun Jaitley. "The government is examining the matter. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken," he said.

Bitcoins or any such cryptocurrency are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said in the Rajya Sabha on Tuesday, as several members voiced concerns over trading on virtual currencies. During Question Hour, DMK member Kanimozhi wanted to know if the government was considering regulating cryptocurrencies such as Bitcoin and Ethereum.

Mr. Jaitley said the government’s consistent position was that such currencies were not legal tender.