The Indian government does not aim to detect bitcoin as a currency, Finance Minister Nirmala Sitharaman said on Monday.
During a question-and-answer consultation in parliament, Sitharaman also said that the government does not collect knowledge about bitcoin transactions, according to a report via local news Mint.
The Reserve Bank of India (RBI) is also executing the slow implementation of a central bank virtual currency (CBDC), the Ministry of Finance announced on Monday, according to an Economic Times (ET) report. to a CBDC in 2022.
The RBI has already proposed an amendment to a 1934 law to include virtual currencies in the definition of banknotes, according to ET.
India’s parliament will talk about a long-awaited cryptocurrency bill proposed through the government at its winter session, which began on Monday.
The bill will ban all personal cryptocurrencies, allowing some to announce the underlying technology, but will also seek to establish a framework for a subsidized virtual currency through the RBI, according to a Nov. 23 parliamentary bulletin.
Read more: Indian government sends bill to ban cryptocurrency maximum, accelerating hopes for a more user-friendly measure