Trading in Bitcoin, Ethereum illegal: Jaitley

Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said as MPs expressed concern over trading on these platforms.

During the Question Hour in Rajya Sabha, DMK member Kanimozhi sought to know whether the government was considering regulating crypto-currencies like Bitcoin and Ethereum, as India “accounts for more than 11 per cent” of such trade globally.

Jaitley emphasised 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 said.

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, he said.

(Agencies)

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