Finance Ministry reiterated their stand that they do not consider cryptocurrency as a legal tender and will take necessary steps to eliminate the use of cryptoassets in financing illegitimate activities. While the statement indirectly cautions people to be discreet with respect to investing in virtual currencies, as is true with gold & stocks, it does not regard cryptocurrency as illegal. More clarity was expected in terms of trading in cryptocurrency and a legal framework around the same, in the current budget announcement.
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