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VCs not legal tender here, says Jaitley

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New Delhi : Amid reports of the rising presence of bitcoins and other forms of virtual currencies (VCs) in India, Union Finance Minister Arun Jaitley on Tuesday reiterated that VCs are not accepted as a lawful and legal tender in the subcontinent.

 “Since December 24, 2013, the government and the Reserve Bank of India (RBI) have maintained the same stand on bitcoins and other forms of virtual currencies. Through multiple notifications, the two parties have notified the public time and again that bitcoins will not be considered lawful or legal tender in India,” Jaitley said while responding to a question raised in the upper house of Parliament.

 Further, Jaitley stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter.


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