Finance Minister Arun Jaitley, speaking in Parliament on Tuesday disproved of the acceptance of Bitcoin as legal currency in India.
Bitcoin is not a legal tender in India, Jaitley said contributing to previous disapprovals by the country’s Central bank which may have agreed on the same.
Jaitley added that total 11 cryptocurrency exchanges have recently been discovered in India and government will not take knee-jerk decisions on crypto currencies, according to Bloomberg alerts.
The government set up panel also awaiting for a report on tackling cryptocurrencies in India, Jaitley said.
The Reserve Bank of India (RBI) has also released notifications earlier about the risks of dealing with Bitcoin.