New Delhi: The Central government today stated that there is no proposal to recognise Bitcoin as a currency in the country, according to an ANI report. The Government of India does not collect data on Bitcoin transactions and there is no proposal to recognise Bitcoin as a currency in the country, Ministry of Finance said in a written reply in Lok Sabha during the first day of Winter Session of Parliament, as per the report.Also Read - First in India! Tamil Nadu Couple to Host Harry Potter-Themed Wedding Reception in Metaverse | Watch

Cryptocurrency Bill

  • The Union government is all set to move a Bill which seeks to prohibit all private cryptocurrencies in India in the Winter Session of Parliament.
  • The bill is called The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage, according to an IANS report.
  • The government’s objective is “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”, the IANS report says
  • The Bill has been listed for introduction, consideration and passing in the Lok Sabha. It is among 26 new Bills, which are to be introduced in the Parliament session beginning November 29, the IANS report says.

PM Narendra Modi on Cryptocurrency

Notably, Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands. Also Read - 10 Travel Sites Where You Can Pay Using Cryptocurrencies

Giving an example of the virtual currency, he had said, “Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” the IANS report says. Also Read - Explained: What is Airdrop in Crypto, New Tool to Make Money? Watch Video

Several high meetings have been held to discuss the regulation of cryptocurrencies. The Parliamentary Standing Committee had also called for the regulation, the IANS report says.