Indian Finance Minister Arun Jaitley explained at a recent press conference that the government does not recognize Bitcoin as legal tender. According to the Economic Times, when asked about the government's plans to regulate cryptocurrency, Jaitley told reporters: "The government is currently formulating an action plan."
He then added: “The government’s position is clear, at this time we do not recognize Bitcoin as a legitimate currency.”
According to the Times, the minister had previously informed the Indian parliament that the Reserve Bank of India (RBI), the country's central bank, does not consider Bitcoin as a payment method. He also informed parliament about the absence of any laws in the country to regulate cryptocurrencies.
In April, the Indian government already tried to develop regulatory schemes for cryptocurrencies in the country by creating an interdisciplinary committee consisting of the Reserve Bank, the Ministry of Finance and the Department of Financial Services.
However, last month, the Supreme Court of India called on the country's government to answer the question of regulating cryptocurrencies. Concerned about anonymity and the potential for Bitcoin to be used for illicit purposes, the judges asked the central bank to reach a consensus on the issue as soon as possible.
According to https://www.coindesk.com
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