Finance Minister Arun Jaitley today cleared the air on the future of Bitcoin in India while presenting the Union Budget…
Bitcoin(Getty Images)
Finance Minister Arun Jaitley today cleared the air on the future of Bitcoin in India while presenting the Union Budget 2018. The finance minister said that the crypto-currency is illegal and the government was not going to recognise it.
Following the announcement, the prices of Bitcoin fell drastically. According to Coinsecure, the bitcoin prices declined to Rs. 6,08,000. Talking about the global market, the prices dropped over 6% to $,9500.
Earlier today, FM Jaitley had asserted that the government will do anything in a bid to eliminate the use of these cryptoassets in financing illegitimate activities.
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“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said.
The crypto-currencies sky rocketed in the month of December last year. The craze for crypto-currencies has been immense in India along with other countries in the world. According to the reports, one in every 10 bitcoin transactions in the world happens in India.
This is not for the first time that government expressed its discomfort with the e-currency. Earlier in January also, FM Jaitley has announced that bitcoin is not a legal tender in India.
In the view of latest announcement, the co-founder of e-wallet MobiKwik Bipin Preet Singh said that the government should consider regulating crypto currencies than curbing their use entirely.
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