So, the country’s Finance Minister is claiming there is no proposal to recognize Bitcoin as a currency. However, This response is part of a written reply to the lower house of the parliament.
More so, more clarity still needs to enter the topic as some reports are suggesting the Indian administration is planning to make cryptocurrencies available as an asset. Furthermore, others suggest cryptos will not become a legal tender.
Also, the minister also explains to the Parliament that the “government does not collect data on Bitcoin transactions.”
“#Parliamentwintersession | FM In Parliament
No proposal to recognise Bitcoin as a currency”
See more details,#cryptocurrency #Bitcoin
pic.twitter.com/DYXGTobDQ3 — CNBC-TV18 (@CNBCTV18Live) November 29, 2021
Meanwhile, This is a serious piece of information, seeing that some bodies together with the ruling party are calling for central regulation of crypto.
Notably, Swadeshi Jagaran Manch’s (SJM) Co-convenor Ashwani Mahajan. Of course, is suggesting that crypto-data around mining and transactions be only on domestic servers.
N/B : This is Developing News on India Finance Minister, We Will keep you Updated!
Furthermore, the Ministry of Finance explains in a written note today,
Also.“Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021,..”
“advised its regulated entities to continue to carry out customer due diligence processes in…”
“line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML),…”
“Combating of Financing of Terrorism (CFT) and obligations of regulated entities under…”
“Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under…”
“Foreign Exchange Management Act (FEMA) for overseas remittances.”
Furthermore, it is a good thing that the opposition is recently accusing the ruling party and the Indian PM of a Bitcoin Scam “coverup.”
More so, During the Parliament meeting earlier today, the government responds to that question, stating,
Lastly, “Information in public domain suggests that a case of cybercrime…”
“involving Bitcoin has been under examination by the Karnataka police.”
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