India’s government said it doesn’t consider cryptocurrencies as legal tender and will take all measures to eliminate payments using them, Bloomberg reported.
“The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Finance Minister Arun Jaitley told lawmakers in a budget speech on February 1.
However, he announced plans to adopt blockchain.
“The government will explore use of blockchain technology proactively for ushering in digital economy.”
The Finance Minister’s statement comes a month after the country’s Ministry of Finance cautioned the public against investments in cryptocurrencies, likening them to Ponzi schemes.