HomeNewsNo proposal to recognize Bitcoin as a currency: Indian FM

No proposal to recognize Bitcoin as a currency: Indian FM

The Government of India has no current proposal to recognize Bitcoin as a currency in the country, the Finance Ministry stated. Indian Finance Minister Nirmala Sitharaman cleared it to her reply in Lok Sabha on Monday.

When asked whether the Indian Government has any proposal for Bitcoin as a currency, the Finance Minister of India said, ‘No sir’. She further informed the Lok Sabha that the central Government does not collect any sort of info on Bitcoin Transactions.

The Uncertainty about Bitcoin in India

Meanwhile, the Indian Government only plans to regulate Crypto as an asset not as a payments method. Sitharaman also clarified that the ministry has spent approx Rs 2.28 Lakh Crore as Capital Expenditure during the April-Sept period.

This would be close to 40% of the BE (Budget Estimate) of Rs 5.54 Lakh Crore for the period 2021-2022. But the actual expenditure is about 38% higher than the corresponding one in 2020-2021.

The Indian Government has launched the National Infrastructure Pipeline (NIP) to accelerate capital expenditure. With the investment of Rs 111 Lakh Crore, the mega project is to be flown during 2020-2025 for the creation and Upgradation of infrastructure.

NIP was launched with more than 6835 mini projects covering more than 24 sub-sectors across the nation. NIP initiative is expected to attract investment and improve the project preparation into the infrastructure. And to play an important and pivotal role in Economic Growth.

The Finance Ministry plans to introduce the Regulations of Official Currency and Cryptocurrency Bill 2021 in the ongoing Winter Session. This bill seeks to have a ban on approximately all the cryptocurrencies barring just a few. This is to support the underlying technologies and allow the official digital currency by the RBI.

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