Share this article
India's Finance Minister Strikes Stern Tone on Cryptos in Budget Speech
During his annual budget speech, Indian finance minister Arun Jaitley confirmed his position that cryptocurrencies are not legal tender.
By Nikhilesh De
Updated Sep 13, 2021, 7:31 a.m. Published Feb 1, 2018, 4:15 p.m.
Arun Jaitley, India's finance minister, said Thursday that the government does not view cryptocurrencies as a form of legal tender, echoing comments he made late last year.
According to a transcript published by LiveMint, Jaitley – giving an annual budget speech – reiterated the policy view and said that the government would take measures against the tech's use for illegitimate purposes. He also referred to prohibiting their use "as part of the payment system," though what this means in practice remains to be seen pending expected regulations from the government.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
He was quoted as (per the transcript):
"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."
, Jaitley said the Indian government was working on recommendations to regulate cryptocurrencies but had acknowledged that there are currently no rules surrounding digital currencies. The government has set up a committee with the central bank and various government departments to study possible regulations.
"The government's position is clear, we don't recognize this as legal currency as of now," he said at the time.
In contrast to his comments on cryptocurrencies, Jaitley mentioned blockchain technology in a more positive light during Thursday's speech, noting its use in recording transactions or data without requiring an intermediate platform.
"The Government will explore [the] use of blockchain technology proactively for ushering in [a] digital economy," he said, per the transcript.
The comments have raised fears that India is moving to ban cryptocurrencies outright, though it remains to be seen what specific measures the government will introduce following Jaitley's comments.
Image Credit: WORLD ECONOMIC FORUM/swiss-image.ch/Photo Jolanda Flubacher (from Flickr.com)
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Plus pour vous
U.S. Interest Rates, Do Kwon Sentencing: Crypto Week Ahead
Your look at what's coming in the week starting Dec. 8.
Ce qu'il:
You are reading Crypto Week Ahead: a comprehensive list of what's coming up in the world of cryptocurrencies and blockchain in the coming days, as well as the major macroeconomic events that will influence digital asset markets. For an updated daily email reminder of what's expected, click here to sign up for Crypto Daybook Americas. You won't want to start your day without it.
Top Stories
