India's Finance Minister to Crack Down on Cryptocurrencies

Arun Jaitley Promises to Tackle Bitcoin and Other Digital Currencies

Cryptocurrencies Not Recognized as Legal Tender in India

Indian Finance Minister Arun Jaitley has announced a crackdown on the use of cryptocurrencies such as bitcoin. In a response to a query in the Rajya Sabha, Jaitley stated that cryptocurrencies are not legal tender in India and that individuals involved in such transactions could face consequences.

Jaitley's position does not completely rule out the potential recognition of cryptocurrencies in the future. However, he emphasized that such currencies are not currently legal tender and that their use is not supported by the Reserve Bank of India.