Last week the Ministry of Finance said that virtual currencies (VCs), including bitcoins, are not currencies. “VCs are not currencies. These are also being described as ‘coins’. There is however no physical attribute to these coins. Therefore, VCs are neither currencies nor coins,” the ministry said in a press statement. It further clarified that virtual currencies are not backed by government fiat. “These are also not legal tender. The government or Reserve Bank of India (RBI) has not authorized any VCs as a medium of exchange.” With this statement, there is finally some clarity on how India plans to treat bitcoin. So far, it was not clear if bitcoin would come under the purview of Reserve Bank of India.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
Read More
