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Bitcoin Not Legal Tender in India, Finance Minister Says
India's finance minister, Arun Jaitley, has said bitcoin is not legal tender in the country and indicated that regulations are under consideration.
Oleh Sujha Sundararajan
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India's finance minister, Arun Jaitley, has clarified that the government does not recognize bitcoin as legal tender.
According to the Economic Times, when asked about the government's plans to regulate the cryptocurrency, Jaitley told reporters, "recommendations are being worked at."
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He continued:
"The government's position is clear, we don't recognize this as legal currency as of now."
According to the Times, the minister has previously informed the Indian parliament that the Reserve Bank of India (RBI), the country's central bank, has not issued any licenses to operate with cryptocurrencies in the country. He further informed the parliament that the country does not have any regulations governing virtual currencies.
Back in April, the Indian government moved closer to developing cryptocurrency regulations, setting up an interdisciplinary committee including the Reserve Bank, the Ministry of Revenue, the Department of Financial Services, and others.
However, just last month, the Indian Supreme Court pushed the government to respond to calls to regulate bitcoin.
Concerned over bitcoin's anonymity and its potential illicit uses, justices issued a notice to the central bank and other agencies asking them to answer a petition on the matter, reports indicated.
Arun Jaitley image via Pranshu Rathi/Flickr
Higit pang Para sa Iyo
‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
Ano ang dapat malaman:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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