After Finance Minister Arun Jaitley’s speech at the budget presentation where he deemed cryptocurrency illegal tender, there was an uncertainty among the cryptocurrency followers across India.
However, in a latest development, the major cryptocurrency platforms in India said nothing has changed even as the minister said it’s illegal tender.
“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,” said Jaitley on Thursday while presenting the budget.
Many investors in India are doubtful of the credibility of cryptocurrency and there has been an air of uncertainty since it became popular in India. Many experts believe cryptocurrency could negatively impact digital transactions.
Crypto trading platforms in India like Zebpay, Koinex, Unocoin and Coinsecure have been operational despite no regulation around it. Bitcoin value is around 6.5 lakh on Indian trading exchanges. However, the value has been fluctuating.
‘The Finance Minister in his budget speech has reiterated the stand by RBI that cryptocurrency is not recognised as legal tender. It is being misreported that bitcoin is illegal. That is not true. We are on board and offer full support to the government’s effort to eliminate use of crypto assets in illegitimate activities. This announcement does not affect our customers as we hold the highest standards for KYC and AML policies,” said Nischint Sanghavi, head, Zebpay.
The Blockchain and Cryptocurrency Committee of India said it will respond with any official statements unless it gets a concrete information from the government.