The Blockchain and Cryptocurrency Committee (BACC) of the Internet and Mobile Association of India (IAMAI) is happy that the Finance Minister has recognized the importance and popularity of cryptocurrency, and has chosen to talk about it on budget day. As far as the exact content of what he said, we are neutral-to-positive about it. However, we are pained to see his words being misinterpreted and misreported. Hence we are issuing this clarification, as well as our position.
Mr. Arun Jaitley, Finance Minister of India said, ‘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.’