Jaitley’s view on cryptocurrencies splits opinion

The Finance Minister’s statement in his Budget speech on cryptocurrencies does not mean that it is illegal to hold these currencies, but only means it is illegal to transact using them in place of legal tender, according to industry players and analysts.

“The Centre 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,” Mr Jaitley said during his speech. “The Government will explore use of block chain technology pro-actively for ushering in digital economy,” he added.