Indian Finance Minister TV Sumanathan has said that Bitcoin (BTC), Ethereum (ETH) and non-perishable tokens will never become legal tender in India.< /p>
You can buy gold, diamonds and cryptocurrencies, but that won't get the value permission from the government, Coin Telegraph reported.
The minister's words are taken to counter the popular saying that cryptocurrencies will be widely accepted in the country.
Sumanathan tweeted on Wednesday that a digital rupee backed by the Reserve Bank of India, or RBI, would be accepted as legal tender, but major cryptocurrencies had no chance of that. .
The finance minister added that since digital assets including Bitcoin and Ethereum do not have government authorization, they are likely to remain assets whose value will be determined between two people.
Sumanathan explained that the digital rupee issued by the Reserve Bank of India will be legal tender, noting that all the rest are not legal tender, and will never become legal tender.
Bitcoin, Ethereum, or non-perishable tokens will never become legal tender... You can buy gold, diamonds, and cryptocurrencies, but they won't have value from before the government.
People who invest in private cryptocurrencies should understand that it does not have government permission, he added. There is no guarantee that your investment will be successful or not, one may incur losses and the government is not responsible for that.
