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Govt studying role of operators trading in crypto assets: MoS

Press Trust of India  |  New Delhi 

The government is studying the role of operators trading in crypto currencies and assets, P Radhakrishnan said today.

"The has cautioned the users, holders and traders of Virtual Currencies vide their Press Release dated December 24, 2013, February 1, 2017 and December 5, 2017, about the potential financial, operational, legal, customer protection and security related risks," he said in a written reply to the Lok Sabha.

In reply to another question, he said, a committee under the chairmanship of Secretary, is deliberating over all the issues related to virtual currencies and crypto assets.

Earlier this month, had said all crypto currencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use.

He said however that the government will explore the use of proactively for ushering in the digital

Distributed ledger system or allows organisation of any chain of records or transactions without the need of intermediaries, he had 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," Jaitley had said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 09 2018. 20:30 IST