NEW DELHI: Finance Minister Arun Jaitley on Tuesday reiterated the government’s stated position that cryptocurrencies such as bitcoin are not legal tender in the country. Jaitley clarified this in Parliament after members of Parliament raised the issue expressing concern over trading on these platforms.
In the Rajya Sabha, Dravida Munnetra Kazhagam’s Kanimozhi sought to know whether the government was considering regulating cryptocurrencies like bitcoin and ethereum, as India “accounts for more than 11 per cent” of such trade globally.
To this, the FM responded that the Centre’s consistent position was that such currencies were not legal tender.
“The government is examining the matter. A committee under the chairmanship of secretary, Department of Economic Affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” he said.
The FM added that while a repeated message was being given that such currencies were not legal tender, more detailed steps would be taken once the report of the committee is submitted.On the question of what action was taken on the names that have figured in the Panama papers and Paradise papers, even as trading in bitcoins was also going on, Jaitley said the government was acting as per the law in these matters.