File photo. Photograph:( Reuters )
Finance minister Arun Jaitley said Thursday that the government of India does not consider cryptocurrencies as legal tender.
Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley #UnionBudget2018— ANI (@ANI) February 1, 2018
He added that the government would do everything it can to stop cryptocurrencies being used to fund illegitimate transactions.
"Government to take all steps to eliminate use of cryptocurrencies which are being used to fund illegitimate transactions," said Jaitley.
Jaitley made his statement while announcing the annual Budget in Parliament.
Cryptocurrencies are virtual currencies like bitcoin.