War on cryptocurrency

Monish Panda, founder, Monish Panda & Associate: The finance minster in his budget speech has again confirmed that the government does not recognise crypto currency and will take all steps to stop usage and circulation of such crypto currency.

This clearly indicates that the government will now either come out with a legislative mechanism or make suitable amendment in existing legislation to ensure that dealing and trading in crypto currency is made illegal and to penalise entities and individuals who are involved in trading and circulation of crypto currency. We will have to wait and watch as to what will be final framework of such legislation, if such legislation is introduced.