India will neither recognize BTC as a currency nor collect transaction data

India will not recognize BTC as a currency or collect transaction data, nor will the country continue its relationship with Bitcoin and other cryptocurrencies, so we read more about it today in our latest Bitcoin news.

The winter session of the Indian Parliament began and concluded that India will not recognize BTC as a currency and will not be the star of the show, so the lower house of Parliament simply asked the Finance Minister if there was a proposal to recognize BTC as a currency. and the answer is “no”. How further:

“Although more clarity will emerge in this regard, several reports have stated that the Indian authorities plan to offer cryptocurrency as an asset. In addition, others argue that cryptocurrencies are not accepted as legal tender. “

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All information is in the form of notes and the Treasury Secretary replied, “Will the government allow crypto exchanges as a legally authorized entity in the region?” It is reading:

“Cryptocurrency is not regulated in India. RBI reviewed its circular on May 31, 2021 and advised its managed units to continue to implement due diligence processes for customers in accordance with the regulations of the Know Your Customer Standards Your Customer (KYC), Anti-Money Laundering (AML). ”

As you can see, it’s the same old script that other countries are using. So what’s the source of the confusion? Discussions of regulation have started again and Indian stock exchanges and investors have met with law enforcement agencies and banks in hopes of reaching an agreement. The government is expected to classify BTC as an asset class for the SEC in India to regulate the cryptocurrency, and more clearly when it closes for another ban.

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A week ago the Reserve Bank of India launched its CBDC in December so an initial bill has been presented and could shake things up for many coins in India. The cryptocurrency regulation in the Official Digital Currency Bill will create a new framework for the RBI’s official digital currency and will consider banning all private cryptocurrencies, including ETH and BTC. AMBCrypto Notes:

“This is important news, especially since several authorities related to the ruling party have called for centralized regulation of cryptocurrencies. Ashwani Mahajan, Co-CEO of Swadeshi Jagaran Manch (SJM), for example, has proposed that crypto data related to mining and trading should only be stored on servers in the country. ”

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