Bitcoin are not legitimised in India said Arun Jaitly

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Bitcoin are not legitimised in India said Arun Jaitly

Bitcoin are not legitimised in India said Arun Jaitly, Virtual currencies like Bitcoin, Ethermight have to face closure in days to come. A government panel has reportedly recommended shutting down cryptocurrency dealers operating in the country to put an end to use of cryptocurrencies such as Bitcoin.

The Indian Govt. has not legitimised Bitcoin or any other cryptocurrency, reaffirmed Finance Minister Arun Jaitley while responding to a query over cryptocurrency. The government of India stands with the RBI’s statement on cryptocurrency dated December 24, 2013.

Mr Arun Jaitely said that taking cognisance of

Bitcoin are not legitimised in India said Arun Jaitly
Bitcoin

concerns raised at various fora from time to time on increasing use of virtual currencies (VCs) and the regulatory challenges, the Department of Economic Affairs (DEA) constituted a committee with representations from DEA, Department of Financial Services (DFS), Ministry of Home Affairs (MHA), RBI, Niti Aayog and SBI.

On August 2, 2017, the committee submitted its report to the DEA. While the committee head Dinesh Sharma is already retired now, the committee had proffered to ban cryptocurrency, as reported by media

Till now Indian Parliament do not regularize any governing virtual currencies, including bitcoins, in India and the RBI has not given any licence to any entity/company to operate such currencies.

On the other hand, market experts believe that closing down cryptocurrency dealers or exchnages is not the way to stop use of cryptocurrencies. Government will have to put a stop on buying and selling of crptocurrencies in cash. In the event of their closure, buyers can always head out to foreign exchanges, experts told The Economic Times.

As the cryptocurrency trading in India is increasing exponentially everyday, further delay in its regulation policy would almost make the policy ineffective. Inc42, in this regard, had also filed

an RTI seeking government’s understanding of the development. However, the response by DEA reiterated its stance same as was released by RBI earlier. Bitcoin which on Wednesday (November 29) touched the towering price at $11,000, saw a 20% decline yesterday, and is currently trading at $9,800.

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