No move to recognize Bitcoin, says India

The Indian government has said that it has no proposal to recognize Bitcoin as a currency in the country. During the winter session of the Parliament, which began in New Delhi on Monday, Finance Minister Nirmala Sitharaman also informed the House that the government does not collect data on Bitcoin transactions.

The government had earlier announced that it plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 during the ongoing session. The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by the Reserve Bank of India.

In a separate question on whether the government has any proposal to introduce central bank digital currency in the country, deputy finance minister Pankaj Chaudhary said that a proposal from the Reserve Bank of India was received in October 2021. Chaudhary said, “Reserve Bank has been examining use cases and working out a phased implementation strategy for the introduction of Central Bank Digital Currency with little or no disruption.”

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