The Government does not consider crypto-currencies 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. The Government will explore use of Blockchain technology proactively for ushering in digital economy.
We understand the concern around the illicit use of cryptocurrency and have maintained this position. Cryptocurrency enterprises have been maintaining complete transparency through KYC and other procedures to reduce the illicit use of these assets.
There has been no indication by the government that it is banning exchanges. Neither does it stop people from holding a cryptocurrency. It is just saying that the government doesn’t recognise cryptocurrency as money, which no country in the world does except Japan.
It is understandable that any government will face challenges to regulate this system. If not a proper policy framework, we can at least expect the government to release a policy framework around cryptocurrencies this year.
This will be later essential to form policy and regulations on the issue.
Source :https://yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/amp
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