India Has No Official Plans to Recognize Bitcoin as Currency: Ministry of Finance

Nov. 29, 2021

There has been a lot of hullabaloo around cryptocurrency in India lately. With cryptos like Bitcoin, Dogecoin, and Shiba Inugaining more traction in the finance marketin the country, we recently saw industry experts and India’s Standing Committee on Finance, led by BJP member Jayant Sinha,conclude that crypto must be regulated in India. Shortly after, a report suggested that the Union government is toannounce a bill to regulate cryptocurrencies in India. Now, amidst all the chatter, the Ministry of Finance has stated thatthere is no proposal to recognize Bitcoin as an official currencyin India.

The statement came from the Ministry in a written reply to the Lok Sabha, during the first day of the Winter Session of Parliament. The authorities wrote that the government of India does not collect data on Bitcoin transactions in the country, and hence, it does not and will not recognize Bitcoin as a legal tender in India.

The new crypto bill, unfortunately, might ban private cryptocurrencies that hide owners’ digital wallets and details of transactions for privacy reasons. However, public ones like Bitcoin, and Ethereum might not be affected by the bill. The new guidelines with be issued by the Reserve Bank of India (RBI) soon.

A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.