Finance Minister clarified that Cryptocurrency and Bitcoin are not recognized as currency, Digital Currency Regulation Bill 2021…
New Delhi | Finance Minister On Cryptocurrency : In today’s era, the number of people investing in bitcoin in India is not less. In such a situation, the winter session of Parliament is also very important for investors. The statement of Finance Minister Nirmala Sitharaman has come today, this may shock investors. Answering a question on the first day of the winter session on Monday, the Finance Minister said that there is no proposal to recognize this currency in India. Along with this, he also made it clear that the Indian government is not collecting any data on bitcoin transactions so far.
RBI has been examining use cases and working out a phased implementation strategy for the introduction of Central Bank Digital Currency (CBDC) with little or no disruption: Ministry of Finance in a written reply in Lok Sabha
— ANI (@ANI) November 29, 2021
Bill may come out
Finance Minister On Cryptocurrency : According to the bulletin to be given in the Lok Sabha, cryptocurrency is also included in the list of MLAs to be presented in the lower house in this session. Along with this, the Official Digital Currency Regulation Bill 2021 is also listed by the Government of India. In such a situation, it can be expected that the Government of India can pass a bill related to this in this session. According to information received from the sources, after regulating the possible digital currency of the Reserve Bank of India in the MLA related to cryptocurrency prepared by the Government of India.
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Introduction of CBDC has potential to provide benefits,like reduced dependency on cash, higher seigniorage due to lower transaction costs, reduced settlement risk. It can lead to a more robust, trusted,regulated & legal tender-based payments option: Finance Ministry in Lok Sabha
— ANI (@ANI) November 29, 2021
PM Modi also had a meeting
Finance Minister On Cryptocurrency : Let us inform that PM Modi has also held a meeting with senior officials regarding cryptocurrency. It was only after this meeting that there were indications that a bill would be introduced in the session to deal with this issue. Along with this, the Government of India has also made preparations to deal with this issue by making strict regulations. Let us tell you that in recent times there have been many advertisements which are telling that investing in cryptocurrency is beneficial. Concerns were also raised in the meeting regarding these advertisements misleading the investors.
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