Crypto-currencies not legal, will eliminate their use: Minister

Finance Minister Arun Jaitley said all crypto currencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use.

He, however, said the government will explore use of blockchain technology proactively for ushering in the digital economy.

Distributed ledger system or blockchain technology allows organisation of any chain of records or transactions without the need of intermediaries, he said in his Budget speech.

“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” he said.

(Agencies)

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