India does not recognize BTC as a currency nor does it collect BTC transaction data


India continues its flirtation with Bitcoin and other cryptocurrencies. The winter sessions of the Indian Parliament have begun and, as it turns out, BTC won’t be the star of the show. In fact, the lower house of parliament asked the finance minister very clearly if there was a proposal to recognize bitcoin as a currency. The answer was a resounding “no”.

To to AMB Crypto:

“While more clarity will emerge on this, some reports have claimed that the Indian government plans to provide cryptocurrencies as an asset. Additionally, others suggest that cryptos should not be accepted as legal tender.

In addition, the minister informed parliament that “the government does not collect data on Bitcoin transactions”.

All of this information came in the form of a note. In this document, the Treasuryr also replied “whether the government has allowed the exchange of cryptocurrencies as a legal entity in India”:

“Cryptocurrencies are not regulated in India. In its circular dated May 31, 2021, RBI advised its regulated companies to continue to carry out customer due diligence processes in accordance with the regulations on the standards for Know Your Customer (KYC) and Anti-Money Laundering (AML). “

So as you can read, it’s the same old script that the other countries are using. If so, what caused all the confusion?

Mixed signals from India

NewsBTC was on this one. Just three weeks ago when we came across that The remarkable growth of the Indian stock marketwe said optimistically:

At that time there were discussions about regulations. India’s crypto exchanges and investors attended secret meetings with law enforcement and banks in hopes of reaching a point of friendship.

The government is expected to classify Bitcoin as an asset class and the Securities and Exchange Board of India to regulate and clarify cryptocurrencies to close the doors on another ban. “

However, a week ago we reported that the Reserve Bank of India “is will launch its CBDC by December.“And what was this news spiced with? A ban, of course:

“A bill was recently tabled that will shake things up for many well-known coins in India. The “Cryptocurrency and Official Digital Currency Regulation” bill will provide a facilitating framework for an official digital currency issued by the Reserve Bank of India that aims to ban all private cryptocurrencies, including Bitcoin and Ethereum. “

It was a fair conclusion when you consider. In early 2018, the Reserve Bank of India banned the buying and selling of cryptocurrencies by companies under the jurisdiction of RBI.

India does not recognize BTC as a currency nor does it collect BTC transaction data

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What is the current position of the Indian Parliament?

The headlines at the recent meeting with the Finance Minister are these two. There is no proposal to recognize Bitcoin as a currency and the government does not collect Bitcoin transaction data. Fortunately for them, the blockchain is an immutable ledger. You don’t have to collect anything, everything is there.

In any case, AMBcrypto sees it this way:

“A crucial piece of information, especially since some bodies connected with the ruling party had called for centralized regulation of crypto. For example, Swadeshi Jagaran Manchs (SJM) co-convenor Ashwani Mahajan had suggested that crypto data related to mining and transactions should only be stored on domestic servers.

Asian News International covered the same session and saw a different angle. “This is a risky area and not in a full regulatory framework. No decision was made to ban its advertising. “

At another stage, former Finance Minister Subhash Garg cleared things up. He created the bill aimed at banning all cryptocurrencies in India. Cointelegraph reports:

“In an interview with the local news channel News 18, Garg made it clear:

“[The description of the crypto bill] was maybe a mistake. It is misleading to say that private cryptocurrencies are banned and implying the same to the government. “

So by “private cryptocurrencies” he didn’t mean Bitcoin or Ethereum. I have it.

Still, India’s confusion over cryptocurrencies is the main topic here. They don’t seem to know what to do over there.

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India does not recognize BTC as a currency nor does it collect BTC transaction data

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