Reiterating the government's stand on cryptocurrencies, government minister Arun Jaitley on Tues same virtual currencies like bitcoin weren't thought-about lawful or medium of exchange in India, which the govt. would sit up for AN professional panel report on cryptocurrencies like bitcoin and ethereum before taking a decisive stand on the matter.

"The government doesn't wish to require any substantial steps before the report is filed. we are going to cross-check the report then issue corrective measures when an intensive understanding of things. we are going to additionally take the worldwide state of affairs into thought. However, we've got clearly explicit that handling virtual currrencies is at one's own risk," Jaitley same in Rajya Sabha nowadays.

A committee beneath the Secretary, Economic Affairs Department is examining all aspects of virtual currencies and deciding specific actions consequently. rather than taking any knee-jerk action, let's sit up for the report of this committee, Jaitley same.

On the opposite hand, the government minister all over again explicit that bitcoin and alternative cryptocurrencies don't seem to be thought-about medium of exchange in India. "Since Dec twenty four, 2013, the govt. and also the Federal Reserve Bank of India (RBI) have maintained identical stand on bitcoins and alternative kinds of virtual currencies.

Through multiple notifications, the 2 parties have notified the general public time and once more that bitcoins won't be thought-about lawful or medium of exchange in India," he said.Jaitley additionally else that the govt. has no thanks to stop terrorists and alternative criminal outfits from mistreatment cryptocurrencies.

"One of the options of cryptocurrency is that there's lack of dependence on the state. It functions with a degree of namelessness. It operates at intervals a virtual community that is made and enjoys the trust of that virtual community," he said.

On the question of what the govt. has done to safeguard the interest of voters, Jaitley same that eleven cryptocurrency exchanges are known in India. "Bitcoins don't seem to be restricted to India; it's a tangle world over. There area unit 785 VCs operating worldwide presently. Cryptocurrency lacks dependence and performance with namelessness at intervals a virtual community. All operations area unit on-line. we've got known eleven exchanges handling virtual currencies in India," the government minister same.