Virtual Currencies like Bitcoins Not Legal Tender in India, says Govt

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Reportedly, the Central Government has clarified that virtual currencies like bitcoins not legal tender in India.

However, no notification or statement has been released by the Reserve Bank of India (RBI) in this regard.

Bitcoin is a type of Crypto Currency that was created in 2009 by an unknown person using the alias, Satoshi Nakamoto. New Bitcoins are generated by a competitive and decentralized process called as ‘Mining’. In this mining process, individuals process the transactions and secure the network by using specialized hardware and in exchange, they are awarded new Bitcoins.

Earlier, RBI has clarified that it has not given any license or authorization to any entities to operate such schemes or deal with Bitcoins or any virtual currency. RBI has rather cautioned people about the risks associated with virtual currencies.

The Union Finance Minister, Arun Jaitely said in this regard that “awaiting the report of expert on crypto currencies; may take measures after that.”