The finance ministry, Union minister Arun Jaitley and Reserve Bank of India (RBI) have warned the bitcoin traders on numerous occasions, apprising them of the risks they expose themselves to. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. A recent crackdown came from the finance ministry on December 29 when it likened the bitcoins to ponzi schemes. Is What Indian Government Regulators Said On Bitcoins, Digital Currencies
The finance ministry, Union minister Arun Jaitley and Reserve Bank of India (RBI) have warned the bitcoin traders on numerous occasions, apprising them of the risks they expose themselves to. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. A recent crackdown came from the finance ministry on December 29 when it likened the bitcoins to ponzi schemes.