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Bitcoin, Ethereum, other cryptocurrencies not legal tender in India: FM

Arun Jaitley emphasised that the Centre's consistent position was that such currencies were not legal tender

Press Trust of India  |  New Delhi 

Photo: Reuters
Photo: Reuters

Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister said on Tuesday as MPs expressed concern over trading on these platforms.

During the Question Hour in Rajya Sabha, DMK member sought to know whether the government was considering regulating crypto-currencies like and Ethereum, as India "accounts for more than 11 per cent" of such trade globally.

Jaitley emphasised that the Centre's consistent position was that such currencies were not legal tender.

"The government is examining the matter. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to to propose specific actions to be taken," he said.

While a repeated message was being given that such currencies were not legal tender, more detailed steps would be taken once the report of the committee is submitted, he said.

Independent member wanted to know what action was being taken in regard to the names which have figured in the and Paradise papers, even as trading in bitcoins was also going on.

Jaitley said that the government was acting as per the law in these matters.

First Published: Wed, January 03 2018. 01:05 IST
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