India’s finance minister, Arun Jaitley, has noted that the authorities does not recognize bitcoin as legal tender. In keeping with the Economic Times, when requested about the authorities’ plans to control the digital currency, Jaitley stated that the suggestions are being worked at.
Arun Jaitley said:
“The authorities’s position is clear. We do not recognize this as legal currency as of now.”
However, Arun Jaitley has formerly mentioned that the Indian parliament that the Reserve bank of India, the Indian central bank, has not issued any licenses to function with digital currencies in India. Jaitley in addition cited the parliament that India does not have any policies governing digital currencies.
In April, the Indian authorities moved towards growing digital currency policies, setting up an interdisciplinary committee such as the Reserve bank, the Ministry of Revenue and some others.
However, just remaining month, the Indian Supreme Court driven the authorities to reply to calls to control bitcoin. Worried over bitcoin’s anonymity and its ability illicit uses, justices issued a note to the central bank and different businesses asking them to reply a petition on the problem, reviews indicated.