Crypto currencies like Bitcoin are not legal tender: Finance Minister Arun Jaitley

Jaitley reiterated the government’s stance during the budget presentation earlier today (Representational Image)

In an effort to curb the proliferation of crypto currencies like Bitcoin in India, Finance Minister Arun Jaitley on Thursday said the government will eliminate virtual currencies’ usage for illegitimate financing.

“Crypto currencies are not legal tender and the government discourages its use,” Jaitley said in his Budget speech in Parliament.

“However, the government will look at the utilisation of Blockchain (a distributed digital technology behind crypto currencies),” he added.

Jaitley has repeatedly said that such digital currencies were not legal tender and people dealing in them would not get any legal protection.