India say Bitcoins not recognised as currency |
Indian Parliament was informed by Finance Minister Nirmala Sitaraman that it has no proposal to recognize Bitcoin as a currency in the country. The Minister told the Lok Sabha that the government does not collect data on Bitcoin transactions. Bitcoin is a form of digital currency which allows people to buy goods and services among others. In the ongoing winter session of Parliament, the Centre aims to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, through which it seeks a ban on all private cryptocurrencies. At present, there is no regulation or ban in the country on cryptocurrency. The Reserve Bank of India has maintained its strong views against cryptocurrencies, saying they pose serious threats to macroeconomic and financial stability. The central bank also doubted the reported number of investors trading on them and their claimed market valuations.
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