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No proposal to recognise Bitcoin as currency: FM Nirmala Sitharaman in Parliament

Finance Minister Nirmala Sitharaman also said in the response that the government did not collect data on Bitcoin transactions.

November 29, 2021 / 02:44 PM IST
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There is no proposal to recognise 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 does not collect data on Bitcoin transactions.

READ: Cryptocurrency Bill heads to the Parliament: Three experts weigh in on how gains would be taxed

"No, sir". Sitharaman said to a question "Whether the government has any proposal to recognise Bitcoin as a currency in the country?" by members of parliament Sumalatha Ambreesh and DK Suresh, Sitharaman

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

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The response comes as the government is scheduled to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing Winter Session of Parliament. The proposed Bill seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrencies and its uses.

In another response to a question by Thirumaavalavan Thol, MoS Finance Pankaj Chaudhary, said, “Cryptocurrencies are unregulated in India”.

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

Also, read: Winter Session begins today. Here's a look at the key Bills to be tabled in Parliament

“Government has received a proposal from Reserve Bank of India in October, 2021 for amendment to the Reserve Bank of India Act, 1934 to enhance the scope of the definition of ‘bank note’ to include currency in digital form,” MoS Chaudhary said in a response to another question by member of parliament Adoor Prakash.

(With agency inputs)
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