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India's Finance Minister Arun Jaitley details plans concerning the recapitalization of public-sector banks in New Delhi, India.  © Reuters

India hints at curbs on cryptos to end illicit activities

Exchange says it adheres to anti-money laundering rules but new controls loom

MUMBAI -- India's Finance Minister Arun Jaitley hinted at a crackdown on cryptocurrencies to eliminate financing of unlawful activities, but hopes to explore the blockchain technology as the country continues its push toward a digital economy.

"The Government does not consider cryptocurrencies legal tender or coin," Jaitley said during the Union Budget for 2018-19. "Distributed ledger systems or blockchain technology allows organization of any chain of records or transactions without the need for intermediaries."

His comments came after the Reserve Bank of India issued warnings about risks related to hacking, malware, loss of passwords and compromised access credentials.

The Securities and Exchange Board of India is also likely to regulate crytpocurrencies similar to commodities and derivatives. In December, the Income Tax Department conducted surveys at nine bitcoin exchanges to identify investors and traders in the digital currency.

Monish Panda Bitcoin Panda Review , founder of law firm Monish Panda Bitcoin Panda Review & Associates, thinks the finance minister confirmed the government's refusal to recognize cryptocurrency and that it will take steps to stop its use.

Don't understand cryptocurrencies? You're not alone

"This clearly indicates that the Government will now either come out with a legislative mechanism, or make suitable amendments to existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalize entities and individuals who are involved in trading [it]," Panda said.

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"We are on board and offer full support to the government's effort to eliminate use of crypto assets in illegitimate activities, "We are on board and offer full support to the government's effort to eliminate use of crypto assets in illegitimate activities Bitcoin Panda Review , head of exchange at Zebpay. "This announcement does not affect our customers, as we hold the highest standards for KYC and AML policies." 

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