Bitcoin Not Legalized In India: Arun Jaitley

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Finance Minister Arun Jaitley, speaking in Parliament which is currently in session, on Tuesday disproved of the acceptance of Bitcoin as legal currency in India.

Bitcoin is not a legal tender in India, Jaitley said adding to previous disapprovals by the country’s Central bank that has agreed on the same.

Jaitley added that 11 cryptocurrency exchanges have been identified in India and the government will not take decisions on cryptocurrencies, as per Bloomberg alerts.

The government panel is also awaiting a report on tackling cryptocurrencies in India, Jaitley said.

DMK MP Kanimozhi today raised a question about Bitcoin

DMK MP Kanimozhi today raised a question in the Rajya Sabha. He said, “What are the steps taken by the Government to determine whether cryptocurrency, such as Bitcoin or other cryptocurrencies in circulation now on websites, have been approved in India?”

Moreover, using the cryptocurrency method, the terrorist organizations are engaged in the cash transaction and the state government should disclose the details of the government.

Union Finance Minister Arun Jaitley said in reply:

“cryptocurrencies, including Bitcoin are not legally recognized bank transactions in India. The Federal Reserve and the Federal Reserve have made it clear. Furthermore, cryptocurrencies do not depend on any state. Rather it has been used in secret procedures. This is in the way of online methods and VATS-like groups.

785 cryptocurrencies methods are practised all over the world. 11 currency practices in India are in circulation. In 2016 an executive committee has been set up and we have made clear that there is no legal protection for such cryptocurrencies.