TIL Desk/Business/New Delhi/ Finance Minister Arun Jaitley has said all crypto currencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use. He, however, said the government will explore use of blockchain technology proactively for ushering in the digital economy.
Distributed ledger system or blockchain technology allows organisation of any chain of records or transactions without the need of intermediaries, he said in his Budget speech.
“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” he said.
Last year, Jaitley had informed Parliament that there are no regulations governing virtual currencies in India and the RBI has not given any licence to any entity/company to operate such currencies.
The government in December cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.
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