Finance Minister Nirmala Sitharaman said in Parliament that the government has no plans to recognize bitcoin as a currency. Sitharaman said this while answering a question in the Lok Sabha on Monday. He said that the government has no proposal to recognize bitcoin as a currency in the country. Along with this, he also said that the government does not collect data related to bitcoin transactions.
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Government’s plan on CBDC
Apart from this, Parliament was also asked whether the government has any proposal to introduce Central Bank Digital Currency (CBDC) in the country. In response to this question, Minister of State for Finance Pankaj Chaudhary said that a proposal from the Reserve Bank of India (RBI) was received in October 2021. Choudhary further said that under this proposal, the scope of the definition of ‘bank note’ was to be expanded by amending the Reserve Bank of India Act, 1934, to include currency in digital form. Choudhary further said that the RBI is investigating the matter and is considering a phased manner to implement it.
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Choudhary said, “CBDCs have many benefits such as less dependence on cash, lower transaction cost and lower settlement risk etc. Through CBDC, it will help in creating a large legal tender-based payment system. This system will be fully efficient, reliable and regulated.” Choudhary further said that there are some risks associated with this which have to be carefully evaluated.
To regulate cryptocurrencies, ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is to be introduced in the winter session of Parliament. There are currently no rules and regulations regarding the use of cryptocurrencies in the country. It was said last week that the government is considering implementing certain regulations in the crypto market to promote the technology underlying only certain cryptocurrencies and its use.
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