India's Finance Minister says crypto cannot be legal tender

India’s Finance Minister Nirmala Sitharaman, speaking at the India Today Conclave 2024, made clear the government’s position on cryptocurrencies, emphasizing that they cannot be considered as currencies. This statement aligns with the longstanding view that while digital assets can be utilized for purposes such as trading, speculation, and profit-making, they do not meet the criteria to be recognized as official currencies by the government. Sitharaman pointed out that cryptocurrencies remain unregulated in India, highlighting the distinction between them and currencies issued by central banks.
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