Bitcoin Not Legal Tender in India, Finance Minister Says
India's finance minister, Arun Jaitley, has said bitcoin is not legal tender in the country and indicated that regulations are under consideration.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5BIGD4IQCFERRMV2653OB6OIHQ.jpg)
India's finance minister, Arun Jaitley, has clarified that the government does not recognize bitcoin as legal tender.
According to the Economic Times, when asked about the government's plans to regulate the cryptocurrency, Jaitley told reporters, "recommendations are being worked at."
He continued:
According to the Times, the minister has previously informed the Indian parliament that the Reserve Bank of India (RBI), the country's central bank, has not issued any licenses to operate with cryptocurrencies in the country. He further informed the parliament that the country does not have any regulations governing virtual currencies.
Back in April, the Indian government moved closer to developing cryptocurrency regulations, setting up an interdisciplinary committee including the Reserve Bank, the Ministry of Revenue, the Department of Financial Services, and others.
However, just last month, the Indian Supreme Court pushed the government to respond to calls to regulate bitcoin.
Concerned over bitcoin's anonymity and its potential illicit uses, justices issued a notice to the central bank and other agencies asking them to answer a petition on the matter, reports indicated.
Arun Jaitley image via Pranshu Rathi/Flickr
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.