New Delhi: Finance minister Arun Jaitley stated that Bitcoins and such cryptocurrencies are not legal tenders and those indulging in such trades are doing it at their own risk
DMK member Kanimozhi asked Arun Jaitley about the governments stand on trading cryptocurrencies during the question hour in Rajya Sabha. She wanted to know whether the Indian government have any plans to regulate the cryptocurrency trading. Jailtely also stated that ” The central government appointed a committee under the chairmanship of secretary, Department of economic affairs to examine the matter and more steps would be taken once the report is submitted.
During the past few months, governmet officials raided the offices of all major Indian cryptocurrency trading platforms to probe on tax evasion and have sent emails to more than 5 lack Indian traders for tax evasion. It is also rumoured that Indian government will introduce its own cryptocurrency named ” Lakshmi Coin “.