Indian Finance Minister Mr. Arun Jaitley signaled that cryptocurrencies such as Bitcoin are not a Legal Tender

Today, while presenting the country’s budget plan for 2018, Indian Finance Minister spoke about refusing to accept cryptocurrencies like bitcoin as legal tender between talk of the wider crackdown on their usage.

While talking at the Indian Parliament and presenting the Union Budget 2018-19, India’s finance minister Arun Jaitley said:

“The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”

The finance minister’s announcement comes after a month that the Ministry of Finance warned the public against investments in cryptocurrencies, calling them a Ponzi schemes.

Today’s announcement is a rehash about what we already knew, the Indian government’s opinion towards cryptocurrencies. While the statement was concerned among the adopters and investors of cryptocurrencies, Jaitley did not mention a ban on bitcoin or any other cryptocurrencies.

The finance minister did not even make any suggestions towards banning cryptocurrency exchanges or any cryptocurrencies in the country.

Bitcoin and Cryptocurrency accepting restaurants and other local establishments might be forced to stop accepting cryptocurrencies as a payment method. There are restrictions on purchasing and selling of cryptocurrencies through exchanges.