No proposal to recognise Bitcoin as currency: FM

New Delhi: Finance Minister Nirmala Sitharaman today said that the government has no proposal to recognise Bitcoin as a currency in the country. Replying to a question, she also informed the Lok Sabha that the government does not collect data on Bitcoin transactions.

‘No steps taken yet to curb advertisements about cryptocurrency, but investors have been cautioned. More will come with the Bill,’ Nirmala Sitharaman said.

On questions raised on regulation of cryptocurrency, she did not answer, saying, ‘Keeping the propriety of the House, any answer now will preempt the discussion which will come with Bill. That discussion would be held.’

‘There is no stated policy or instruction given to banks to not give loans to government employees. But banks exercise certain level of discretion on the basis of available KYC,’ Nirmala told the House when MPs raised issues of banks’ reluctance to lend to government officials.

This development comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.


NT Bureau