With Bitcoin making waves all over the world in the past few months, the government was expected to provide clarity on cryptocurrencies. Finance Minister Arun Jaitley has said in his Budget speech that the currency is illegal and the government was not going to to recognise it.
The rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has already come under the government’s lens. Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. The government has already begun a crackdown on illegal uses of this unregulated virtual currency.