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Jaitley Re-affirms no ban on virtual currency yet

Feb 03, 2018 Posted /  3606 Views

Jaitley Re-affirms no ban on virtual currency yet

"The government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities, or as part of the payment system," -  Arun Jaitley, Finance Minister

The position of government regarding digital coins has stayed same for last 4 years and there’s nothing different in  Finance Minister’s statement. The statement was perceived as a betokening of a prohibition of Virtual currency such as Bitcoin in India.

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Later on, after wrong interpretation of the statement by various media houses the FM cleared the statement in an interview at DD News stating-

“We just want to discourage people from using cryptocurrencies for now since there is a government committee investigating it. We will announce our stance once the committee has finished its job.”

It can be clearly interpreted that government will not completely ban cryptocurrencies. Rather they are searching for regulations by which government could interfere in the circulation of virtual coins.

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Tags: cryptocurrency Finance minister Arun Jaitley Budget 2018

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