Mr Jaitley, we need clarity on trading and use of cryptocurrencies by Indians legally

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Mr Arun Jaitley in his budget speech has reiterated that, the government does not consider cryptocurrencies as legal tender & will take all measures to eliminate the use of these crypto assets in financing 'illegitimate activities or part of the payment system"

This has been the stand of the finance minster and the ministry since an year now. Cryptocurrencies aren't allowed as legal tender in India but does that mean it can't be purchased or stored either? The latest statement talks about anti money laundering steps which the government wants to take. Since this statement was made on the floor of the parliament, there has been a confusion among honest Indian citizens who have bought cryptocurrencies from exchanges with KYC approval and online payment modes.

We are requesting clarity from the government and the finance minster on whether honest citizens who believe in the power of decentralised crypto currencies can purchase and use them legally. We are also requesting the ministry and the central bank to create rules for KYC and AML which exchanges and other companies dealing with crypto currencies can comply with to run their operations legally in India.

As part of the growing crypto economy, companies in India would be glad to come together to help the government and central bank fight money laundering and other illegitimate activities by providing their suggestions and implementing strict guidelines mandated by the government and central bank.

Blockchain based assets present a great opportunity for emerging markets like India to get access to cheaper capital and provide global financial services for the unbanked. A wide acceptance of these assets would create new opportunities for Indian entrepreneurs and citizens to be a part of global wealth creation and distribution in the 21st century.