Bitcoin won’t be accepted as currency, says Finance Minister

On Monday, Nirmala Sitharaman, Finance Minister said that the central government has no intention to accept Bitcoin as legal tender in India. Responding to whether the government is aware that Bitcoin transaction is quietly flourishing in the country in recent years, FM said that the Centre doesn’t gather any info on Bitcoin transactions in the country.

The central government is ready to present the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ during the Winter session of the Parliament. The bill aims to prohibit all private crypto in India, excluding a few exceptions.

A bulletin on the Lok Sabha website stated that the bill also intends to ban all private cryptos in the country. However, it permits specific exceptions to encourage the fundamental technology of crypto and its uses. It also works to create a helpful system for the creation of the official digital currency to be issued by the RBI.

However, the bill isn’t on the revised ‘List of Business’ of the Lok Sabha for November 30, 2021.

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