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India's Minister of Finance: Bitcoin is not a legal currency



India's Finance Minister Arun Jaitley has made it clear that the government will not recognize Bitcoin as the legal tender.

When asked if the government plans to regulate the cryptocurrency, Jaitley reportedly told reporters: "We are studying the panel's recommendations."

He continued:


The government's position is clear, and we do not currently recognize it as legal.
It is reported that the Ministry of Finance has informed the Parliament that the Central Bank of India (RBI) did not issue any encrypted currency operation license in the country. The Ministry of Finance also pointed out that the country has not yet deployed any regulatory rules governing virtual currency.

In April this year, the Indian government began planning to develop a cryptocurrency regulatory bill, setting up an interdisciplinary committee, and members of the committee including the Central Bank, the Inland Revenue Department and the Financial Services Department.

However, just last month, the Indian Supreme Court urged the government to respond to the community's call for the regulation of bitcoin.

In addition, the judiciary has issued a public notice telling the central bank and other agencies to respond to the petition for the regulation of bitcoin because of fears about bitcoin anonymity and potential unlawful use cases.