No proposal to recognize Bitcoin as a currency in today’s winter session of the Indian Parliament

Today the winter session of the Indian parliament started and, as expected, cryptocurrency is also on the agenda. Among the 26 proposed bills is the cryptocurrency bill, which has propelled a lot of FUD lately.

The country’s finance minister has stated that there are no proposals to recognize Bitcoin as a currency. This response is part of a written response to the House of Representatives.

Although there has been more clarity, some reports have stated that Indian authorities plan to regulate cryptocurrencies as an asset. In addition, others argue that cryptocurrencies are not accepted as legal tender.

In addition, the minister told the Indian National Congress that “the government does not collect data on Bitcoin transactions”.

#Parliament winter session | FM in parliament
No suggestion to recognize Bitcoin as a currency

Here is more# Cryptocurrency #Bitcoin pic.twitter.com/DYXGTobDQ3

– CNBC-TV18 (@ CNBCTV18Live) November 29, 2021

This is important news, especially as several authorities affiliated with the ruling party have called for centralized regulation of cryptocurrencies. For example, Ashwani Mahajan, co-head of Swadeshi Jagaran Manch (SJM), has suggested that crypto data related to mining and trading should only be stored on servers in the country.

The country’s Treasury Department said in a note today:

“Cryptocurrency is not regulated in India. The RBI reviewed its circular on May 31, 2021 and advised the companies under its leadership to continue with due diligence processes for customers in accordance with the standard KYC administrative regulations, AML, Combined Financing of Terrorism (CFT) and the obligations of regulated companies in the Implement the Laundering Act (PMLA) 2002 as part of money prevention while ensuring compliance with the relevant provisions of the Foreign Exchange Authority (FEMA) governance act for overseas remittances. “

It is also noteworthy that the opposition recently accused India’s ruling party and prime minister of “fabricating” a Bitcoin fraud.

In parliament, the Indian government responded with the following words:

“Information suggests that a bitcoin-related cybercrime case has been investigated by the Karnataka Police.”

The government also added that law enforcement agencies (LEAs) have taken legal action in accordance with the law against violations. Especially when the government believes that “it is not in the greater public interest to disclose more information on the matter”.

With regard to the CBDC, the central bank has also submitted a proposal to the National Assembly. At the same time, the agency also wants to add the digital currency to the RBI Act.

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Annie

According to Ambcrypto

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