New Delhi, February 1: Finance Minister Arun Jaitley on Thursday reiterated that all crypto-currencies, which includes Bitcoin, are illegal and the government will take measures to eliminate it. “The government does not consider crypto currencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets…,” Jaitley said while presenting the Union Budget 2018-19 in the Lok Sabha. Also Read - Winter Session of Parliament Unlikely If COVID-19 Situation Doesn’t Improve In Delhi
In the Winter Sesson of Parliament, Jaitley had said that Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk. The remarks came as MPs expressed concern over trading on these platforms. (Also read: Budget 2018: No Change in Income Tax Slabs For Individual Taxpayers) Also Read - PM Narendra Modi Gets Slightly Richer, HM Amit Shah Poorer As Per Assets Declaration
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Jaitley added 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 crypto-currencies to propose specific actions to be taken,” he had said. (Also read: Salaries of President, Vice-President, Governors Get a Big Hike; Benefit For MPs Too)
The price of Bitcoin and other virutal currencies is entirely based on speculation, which results in spurt and volatility in their prices. This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.
With inputs from Agencies