Indian government has no plans to recognize Bitcoin as currency
The Indian parliament kicked off its winter session on Monday, during which key crypto legislation will be discussed.
Nirmala Sitharaman is the finance minister of India said on Monday, The Indian Government doesn't plan to recognize bitcoin as a currency.
During a discussion in the parliament, Nirmala Sitharaman also said that the government doesn't collect data on bitcoin exchanges, according to a report from Local news site Mint.
The Reserve Bank of India (RBI) can also be engaged in the phased implementation of a central bank digital currency(CBDC), the ministry of finance mentioned, according to a report from the Economic Times(ET) on Monday, the central bank was reportedly planning to pilot test a CBDC in 2022.
The RBI has already proposed a modification to a 1934 act to incorporate digital currencies in the definition of banknotes, according to ET.
The Indian parliament will discuss a highly-anticipated bill for cryptocurrencies, proposed by the government, in its winter session, which started on Monday.
The bill will ban all non-public cryptocurrencies, only allowing some to promote the underlying technology, but will also look to set up a framework for an RBI-backed digital currency, according to a Nov 23 parliament notice.