The Finance Minister of India, Nirmala Sitharaman clarified that the government has no proposal to recognize Bitcoin or any other crypto-assets as legal tender in the country. The FM’s response came in a written reply to the lower house of parliament, Lok Sabha, on Sunday.
The FM also noted that the government has not gathered any data on Bitcoin transactions. Meanwhile, several reports suggested that a proposal to treat Bitcoin as an asset will be advanced in the parliament by the Indian government.
Sitharaman’s response came as the government proposes to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the winter session of the parliament. As per the announcement, the bill seeks to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India
The bill aims to ban all private cryptocurrencies from India while exempting some of them to promote the underlying technology. The government has not clarified the definition of what it deems as ‘Private cryptocurrency’.