India Won’t Recognize BTC As Currency, Won’t Collect Transaction Data Too

India won’t recognize BTC as a currency and will not collect transaction data as well as the country continues its relationship with Bitcoin and other cryptocurrencies so let’s read more about it in our latest Bitcoin news today.

The Indian Parliament winter session started and it was concluded that India won’t recognize BTC as currency and will not be the star of the show so the lower house of the parliament asked the Finance Minister simply if there was a proposal to recognize BTC as currency and the answer was “no.” As continued:

“While more clarity is set to emerge in this context, some reports have claimed that the Indian administration is planning to make cryptocurrencies available as an asset. Additionally, others suggest cryptos will not be accepted as legal tender.”

#Parliamentwintersession | FM In Parliament
No proposal to recognise Bitcoin as a currency

Here's more#cryptocurrency #Bitcoin pic.twitter.com/DYXGTobDQ3

— CNBC-TV18 (@CNBCTV18Live) November 29, 2021

All of the information came in a form of a note and the Financial Minister answered: “whether the Government has allowed crypto exchanges as a legally permitted entity in the region.” It read:

“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).
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As you can see, it’s the same old script the other countries are using so what’s the cause of the confusion? The discussions about regulations started to arise back and India’s exchanges and investors participated in the meetings with law enforcement agencies and banks hoping to reach a point of amicability.
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The expectations are for the government to classify BTC as an asset class for the SEC in India to regulate crypto and be more clear as it closed the doors to another ban.

This is a risky area & not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are taken to create awareness through RBI&SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha pic.twitter.com/WwopPdBQHg

— ANI (@ANI) November 30, 2021

A week ago, the Reserve Bank of India is set to launch its CBDC by December so a bill was initially presented and set to shake things up for a lot of coins in India. The crypto regulation of Official Digital Currency’s bill will create a new framework for official digital currency to be issued by the RBI and will look to ban all private cryptocurrencies that include ETH and BTC. The AMBCrypto noted:

“A crucial piece of information, especially since some bodies associated with the ruling party had called for central regulation of crypto. For instance, Swadeshi Jagaran Manch’s (SJM) Co-convenor Ashwani Mahajan had suggested that crypto-data around mining and transactions be stored only on domestic servers.”