India Does Not Recognize Bitcoin as Legal Tender

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The finance minister of India, Arun Jaitley, announced that the government does not see bitcoin as a legal tender.
Finance boss of India said that "recommendations are being worked at" when asked about their plans to regulate cryptocurrency.

"The government's position is clear, we don't recognize this as legal currency as of now," he added.

According to a report, the minister has informed the Indian parliament that the Reserve Bank of India (RBI) has not issued any licenses to operate with cryptocurrencies.

He also told the parliament that the country does not have any regulations governing virtual currencies.

Back in April, the Indian government took a step closer to developing cryptocurrency regulations.

They set up an interdisciplinary committee including the Reserve Bank, Ministry of Revenue, the Department of Financial Services, and others.

However, in November, the Indian Supreme Court urged the government to respond to appeals to regulate bitcoin.

Concerned over bitcoin's inconspicuousness 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.
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