The Central Government has given a clarification on cryptocurrency. Union Finance Minister Nirmala Sitharaman has told Parliament that the government has no proposal to recognize Bitcoin as a currency. She said this in response to a question from members.
Govt of India does not collect data on Bitcoin transactions. No proposal to recognize Bitcoin as a currency in the country: Ministry of Finance in a written reply in Lok Sabha
& mdash; ANI (@ANI) November 29, 2021
Bitcoin was the first cryptocurrency name. Created in 2008. This currency does not exist in physical form. Everything happens digitally. The value of bitcoin depends on the blockchain technology. It is legal to invest in bitcoins in India. Bitcoin trading is not banned in India. But there is no central government agency to regulate cryptocurrency. There are no rules or guidelines so in case of any dispute .. Government assistance will not be forthcoming. . 'The Cryptocurrency, Regulation of Official Digital Currency Bill 2021' is about to be introduced. Private cryptocurrencies in the country will also be banned.
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