FM gives clarity on Cryptocurrencies,Bitcoin not legal

New Delhi Feb 2: Finance minister Arun Jaitley on Thursday has presented the budget.FM has given a clarity on Cryptocurrencies.Arun Jaitley in his budget speech has once again clarified that bitcoin is not a legal tender.

FM has said that "the government did not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system".

He has also focused on the use of Blockchain technology and RBI would look into the possibilities Jaitley has said that "The government will explore the use of blockchain technology proactively for ushering in the digital economy."

FM announcements assume significance because recently many people have sought clarification on Bitcoin and other cryptocurrencies and many people have bought the currencies as the valuation of them have reached heights and there is a huge volatility in Market.