As reported by CCN, India’s finance minister made important statements on Bitcoin and cryptocurrencies at a parliamentary session on his country’s 2018 budget plan today.
Minister Arun Jaitley said:
“The government does not regard cryptocurrencies as legal money and will take all measures to eliminate the use of cryptocurrencies in financing illegitimate activities or as a payment system.”
His statements came nearly a month after the Ministry of Finance issued a warning that compared cryptocurrencies to a pyramid scheme.
He did not explicitly mention a ban
Today’s words reflect the government’s stance on cryptocurrencies as we already know. reiterate. While the statement is likely to cause concern among cryptocurrencies investors, the minister did not explicitly mention a ban on Bitcoin or any other cryptocurrency. does not include trading. The Minister of Finance did not propose any ban on cryptocurrency exchanges or cryptocurrencies.
With this statement from the Minister of Finance, the price of Bitcoin dropped to $9500.