Indian government would take measures against the cryptocurrency use for illegitimate purposes
Finance Minister of India announced in his Budget speech for 2019, that Indian government do not recognise bitcoin as a legal tender for payment. He also added that government will seek for thorough regulation on cryptocurrency industry in India. In his words India will take “all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.” This will not imply the direct ban of cryptocurrencies (like bitcoin) but will strengthen the security and audit of online cryptocurrency exchanges. Earlier this year India announced the draft on regulation for cryptocurrencies and invited Indian citizens to add their comments on an open government portal. Government also formed a committee with central bank and other financial institutions in order to shape further regulation.