Subhash Chandra Garg, secretary, department of economic affairs, at a CNBC TV18-Mint event on Budget 2018. In December, the government had constituted a committee headed by Garg to study the impact of cryptocurrencies and to make recommendations to regulate them. Reiterating the government’s stance on cryptocurrencies, Garg said: “The exchanges which have been set up currently are not regulated exchanges. “When you move to a system of regulated exchanges for crypto assets, then you have a proper trail,” he added. Last year, the income-tax department conducted raids at as many as nine bitcoin exchanges in the country.

Source: Mint February 02, 2018 19:41 UTC