No proposal to recognise Bitcoin as currency: FM Nirmala Sitharaman

The government plans to introduce a Bill in this regard - the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 - in the ongoing session

IANS New Delhi
Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman

The Centre has no proposal to recognise Bitcoin as a currency in the country, the Parliament was informed on Monday.
Finance Minister Nirmala Sitharaman, in a written reply in the Lok Sabha, also said 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.

Also Read

Bitcoin crashes as El Salvador rollout falters: Check details here

No proposal to recognise Bitcoin as a currency in India: FM tells Lok Sabha

Health, credit, jobs: FM announces 8 measures to revive economy in pandemic

Govt announces 500,000 free visas, loan guarantee scheme for travel sector

Sitharaman points at investment opportunities in India to US investors

HC directs Centre to inform it about introduction of bill on cryptocurrency

Best of BS Opinion: An open letter to PM, cryptocurrency regulation & more

How to regulate cryptocurrencies

With Farm Laws Repeal Bill & crypto on agenda, winter session begins today

Cryptocurrency exchange Coinstore enters India despite pending trade curbs

The central bank also doubted the reported number of investors trading on them and their claimed market valuations.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Nov 29 2021 | 9:25 PM IST

Explore News