Usage of Cryptocoins to be prevented: FM Arun Jaitley

Hyderabad: The government will take measures to prevent the use of cryptocurrencies in financing illegitimate activities or as a payment system, said finance minister Arun Jaitley while presenting the Budget.

The government does not consider cryptocurrency as a legal tender. While Bitcoin exchanges said that the finance minister’s statement does not give details of cryptocurrencies,  financial experts said that the crackdown is good for the economy. 

According to Mohammed Rezwan, COO of Warangal-based Bitxoxo Bitcoins Online, “Even though we expected clarity on cryptocurrency in the Budget, there is nothing new in the statement from the minister. Bitcoin is never considered as an alternative currency in India, so the government’s stand is on the expected lines.” “Taking measures to eliminate these crypto assets in financing illegitimate activities is a welcome move. Bitcoin exchange centers have all the details of customers as we follow the KYC,” added Mr Rezwan