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       BUSINESS Next Article: 196 cos face penal action for CSR violations: Govt  
       Trading in Bitcoin, Ethereum illegal: Jaitley
 
         Posted on :20:26:33 Jan 2, 2018
   
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       Last edited on:20:26:33 Jan 2, 2018
         Tags: Trading in Bitcoin, Ethereum illegal: Jaitley
 
New Delhi: Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said today as MPs expressed concern over trading on these platforms.
 
During the Question Hour in Rajya Sabha, DMK member Kanimozhi sought to know whether the government was considering regulating crypto-currencies like Bitcoin and Ethereum, as India "accounts for more than 11 per cent" of such trade globally.
 
Jaitley emphasised that the Centre's consistent position was that such currencies were not legal tender.
 
"The government is examining the matter. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken," he said.
 
While a repeated message was being given that such currencies were not legal tender, more detailed steps would be taken once the report of the committee is submitted, he said.
 
Independent member Amar Singh wanted to know what action was being taken in regard to the names which have figured in the Panama papers and Paradise papers, even as trading in bitcoins was also going on.
 
Jaitley said that the government was acting as per the law in these matters.
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       BUSINESS
Next Article: 196 cos face penal action for CSR violations: Govt
 
 
BUSINESS HEADLINES
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Rupee slips 6 paise against US dollar  
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India to be $10 trillion economy by 2030: Garg  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
India to be $10 trillion economy by 2030: Garg  
Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
Goyal asks Coal India to ensure supply for power sector  
Grex Alternative Investments Market looks to raise $100 mln  
Cong targets PM over fall in value of Rupee  
Set up central agency to evaluate big loan proposals: ICAI  
 
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