Thursday, January 27, 2022

No proposal to recognize ‘Bitcoin’ as a currency in India, says Finance Minister Nirmala Sitharaman

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There’s no offer to honor Bitcoin as a currency, the Union Finance Minister Nirmala Sitharaman said in a response in the Parliament on November 29. The Finance Minister also said in the written response that the government doesn’t collect data on Bitcoin deals.

The reply from the govt comes because it plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 within the ongoing Winter Session of Parliament. The Bill seeks to ban all but a many private cryptocurrencies to promote underpinning technologies while allowing an sanctioned digital currency by RBI.

Worth mentioning then’s that Bitcoin is reportedly the first decentralised digital currency where peer-to- peer deals take place without any conciliator. Introduced in 2008, by an unidentified group of programmers as a cryptocurrency and an electronic payment system, Bitcoin has gained massive fashionability across the world with El Salvador getting the first country in September this time to honor the cryptocurrency as a legal tender.

In reply to another question, Sitharaman said, ministries and departments have spent Rs2.29 lakh crore as capital expenditure during the April-September period of the current financial.

In another response to an issue by Thirumaavalavan Thol, MoS Finance Pankaj Chaudhary, said, “ Cryptocurrencies are limited in India”.

Thol asked the Ministry if the government was apprehensive of the cryptocurrencies that are traded in India and whether trading in cryptocurrency was fairly permitted in India. He also asked whether the Centre had allowed cryptocurrency exchanges as a fairly permitted reality in the country.

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“ Government has entered a offer from Reserve Bank of India in October 2021 for correction to the Reserve Bank of India Act, 1934 to enhance the compass of the description of‘bank note’to include currency in digital form,” MoS Chaudhary said in a response to another question by a member of congress Adoor Prakash.

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Astitva Patle
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