Bitcoin, Ethereum or NFT will never become legal tender: Finance Secretary

People investing in private crypto should understand that it is not having the authorisation of the government, says Finance Secretary T V Somanathan

Cryptocurrencies like Bitcoin or Ethereum will never become a legal tender, Finance Secretary T V Somanathan told ANI adding only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender.

Speaking to ANI, Finance Secretary said, "Digital rupee will be backed by RBI which will never default. Money will be of RBI but the nature will be digital. The digital rupee issued by RBI will be the legal tender. We can purchase non-digital assets with the digital rupee like we purchase an ice cream or other things using our wallet or payments through UPI platform."