Delhi – Government bid in response to the question on bitcoin, no proposal to recognize it as a currency
The Ministry of Finance, in a written reply to a question in the Lok Sabha, said that the Government of India does not collect data on bitcoin transactions at all. It added that there is no proposal to recognize bitcoin as a currency in the country.
The winter session of Parliament began today. An important bill is to be introduced in this session, which is being discussed in full swing these days. Yes, we are talking about the cryptocurrency bill. The bill is being introduced with the aim of managing the transactions of digital currencies in the country and there are also indications that cryptocurrencies may be banned in the country.
On the first day of the winter session, a question was asked regarding the transaction of bitcoin in the country. The Ministry of Finance, in a written reply to a question in the Lok Sabha, said that the Government of India does not collect data on bitcoin transactions at all. It added that there is no proposal to recognize bitcoin as a currency in the country.
RBI working on digital currency
The Finance Ministry has said that the Reserve Bank of India (RBI) is investigating the use cases for digital currencies and the central bank is working on a phased implementation strategy for the launch of its digital currency (CBDC), in which no There is no disturbance.
Reliable payment option needed
Regarding the use of cryptocurrencies in India, the Finance Ministry said that the advantages of digital currency, such as less dependence on cash, higher load due to lower transaction cost, less settlement risk will be considered. This could lead to a more robust, reliable, regulated and legal tender-based payment option.
