Home > Legal Updates > Validity of cryptocurrency under deliberation in India

Validity of cryptocurrency under deliberation in India

On 2nd August 2021, the Ministry of Finance has endeavoured to provide clarifications with respect to series of questions that were put before them in a session of the Lok Sabha including but not limited to current and future status of cryptocurrency trading the regulatory regime and protection available for traders and investors involved therein.

In this regard, statements issued in the 2018-2019 budget session of the Parliament and recommendations specified in the Inter-Ministerial Committee report were reiterated that is “The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”.

Click here for more details