The central government has no proposal to recognise Bitcoin as a currency, Finance Minister Nirmala Sitharaman has said. She said while replying to a question in Lok Sabha that the government does not collect data on Bitcoin transactions.
Cryptocurrency and Regulation of Official Digital Currency Bill 2021
The government has plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. It seeks to ban all but a few private cryptos to promote underlying technologies.
Not Crypto-friendly nation
India has had a hot-and-cold relationship with cryptocurrencies. Prime Minister Narendra Modi and the RBI governor had cautioned about the use of cryptocurrency. In 2018, the country effectively banned cryptocurrency transactions. But the Supreme Court struck down the restriction in March 2020.
