Crypto currencies are not legal tender: Jaitley

New Delhi:In an effort to curb the proliferation of crypto currencies like Bitcoin in India, Finance Minister Arun Jaitley on Thursday said the government will eliminate virtual currencies' usage for illegitimate financing.

"Crypto currencies are not legal tender and the government discourages its use. However, the government will look at the utilisation of Blockchain (a distributed digital technology that supports crypto currencies)," Jaitley said in his Budget speech in Parliament.

Jaitley has repeatedly said that such digital currencies were not legal tender and people dealing in them would not get any legal protection.