Finance minister says India Has No Plans to Recognize Bitcoin As Currency

A question-answer activity took place in the latest parliament session about the crypto bill 2021 winter session discussion. 

At present crypto bill of India is under heat. On 29 November, a small discussion on the crypto bill took place in the Parliament House of India. 

In the discussion, Finance Minister Nirmala Sitharaman questioned whether she is considering to adopt Bitcoin as Currency in India. 

Minister said, “No. 

The discussion is available in the written letter form, as we can see below in the photo 

Finance minister says India Has No Plans to Recognize Bitcoin As Currency 1

In this letter, we can see that the Finance Minister only raised their voice in support of the crypto underlying technology adoption. However there was no question about the crypto ban but still, we can see the Indian finance minister’s vibe positive toward crypto regulation instead of the ban because in the past she never said that India will ban it and also said that if India will ban then they will not ban it permanently, they will give a window. 

According to a report in Economic Times, RBI already proposed an amendment to the 1934 act to include the definition of virtual currencies (cryptocurrencies). 

On 29 November, the highly anticipated bill of India on crypto is under discussion and they will do more discussion to approve the bill to be introduced to get into effect. But it will be interesting that what result will come out from the discussion that is starting from today in the Parliament House. 

It is worth noting, the current situation of the crypto community of India is full of panic but still many crypto services are pushing their services at next level without caring about crypto ban news. In particular, CoinStore, a Singaporean crypto exchange, announced plans to deploy their crypto services in India with the launching of 3 offices.

Read also: Coinstore Crypto exchange will open 3 new offices in India