Will Bitcoin Get Currency Status In India - Government Has Responded

Will Bitcoin Get Currency Status In India – Government Has Responded

Will bitcoin be recognized as a currency in India – Unfortunately, no. The Indian Government has denied this.

Finance Minister Nirmala Sitharaman, on Monday, November 29, put an end to the speculation related to the recognition of bitcoin in the Lok Sabha.

In the Lok Sabha, Finance Minister Nirmala Sitharaman made it clear that the Government has no plans to recognize bitcoin as a currency.

The winter session of the Lok Sabha has started on November 29.

In this session, the Government is going to bring a bill to curb bitcoin in the country.

Will Bitcoin Get Currency Status In India

Why did the Finance Minister speak?

According to Media Reports, two MPs in the Lok Sabha asked the Finance Minister a question regarding cryptocurrency.

Both the MPs wanted to know whether the Government had any information related to the transaction of bitcoin.

In response, Sitharaman said, ‘No sir’.

At the same time, the next question was asked on cryptocurrency whether the Government plans to give it an official identity in the country.

On this, the Union Minister said that the Government has no such plan.

However, according to the Media Sources, the Indian Government is bringing this bill to ban private cryptocurrencies and to set the stage for the digital currency being launched by RBI.

While the bill puts the future of cryptocurrency exchanges and companies in danger, the threat of a ban has caused markets to fall.

In October this year, the RBI sent a proposal to the Government of India to amend the RBI Act 1934.

The Indian Government was requested to expand the definition of ‘bank note’ and include digital currency.

Bitcoin

Bitcoin was first introduced in 2008 by some programmers as a digital payment system.

This is reportedly the first decentralized digital currency.

In this, two people can transact with each other without any middleman.

Will Bitcoin Get Currency Status In India Government Has Responded
Will Bitcoin Get Currency Status In India Government Has Responded

Reserve Bank of India

The Reserve Bank of India has already warned the Indian Government about the dangers of recognizing cryptocurrencies as currency.

However, the Standing Committee on Financial Affairs has taken the stand that instead of banning cryptocurrency, it should be regulated.

The committee believes that banning it can harm the economy of the country.

At the same time, according to experts, the Indian Government can give bitcoin the status of a financial asset instead of a currency so that investment and trading can continue. Its monitoring can also go to SEBI.

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