{"id":477825,"date":"2021-12-01T09:04:49","date_gmt":"2021-12-01T09:04:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=477825"},"modified":"2024-06-11T14:09:26","modified_gmt":"2024-06-11T14:09:26","slug":"india-wont-recognize-btc-as-currency-nor-does-it-collect-btc-transaction-data","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/india-wont-recognize-btc-as-currency-nor-does-it-collect-btc-transaction-data\/","title":{"rendered":"India Won\u2019t Recognize BTC As Currency, Nor Does It Collect BTC Transaction Data"},"content":{"rendered":"

India continues its flirtation with Bitcoin and other cryptocurrencies. The Indian Parliament\u2019s winter sessions started, and, as it turns out, BTC won\u2019t be the star of the show. In fact, the lower house of the parliament asked the Finance Minister point blanc if there was a proposal to recognize Bitcoin as currency. The answer was a resounding \u201cno.\u201d\u00a0<\/span><\/p>\n

According <\/span>to AMB Crypto<\/span><\/a>:\u00a0<\/span><\/p>\n

\u201cWhile more clarity is set to emerge in this context, some reports have claimed that the Indian administration is planning to make cryptocurrencies available as an asset. Additionally, others suggest cryptos will not be accepted as legal tender.<\/span><\/p><\/blockquote>\n

All of this information came in the form of a note. In<\/span> that document, the Financial Ministe<\/span><\/a>r also answered \u201cwhether the Government has allowed cryptocurrency exchanges as a legally permitted entity in India\u201d:<\/span><\/p>\n

\u201cCryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML).\u201d<\/span><\/p><\/blockquote>\n

So, as you can read, it\u2019s the same old script the other countries are using. If that’s the case, what’s the cause for all the confusion?<\/span><\/p>\n

Mixed Signals Coming Out Of India<\/span><\/h2>\n

NewsBTC has been on this case. Just three weeks ago, while discussing the <\/span>India exchange\u2019s remarkable growth<\/span><\/a>, we said optimistically:<\/span><\/p>\n

\u201c<\/span>Discussions around regulations started to arise back then. India\u2019s crypto exchanges and investors participated in off-the-record meetings with law enforcement agencies and banks hoping to reach a point of amicability.<\/span><\/p>\n

The expectations are for the government to classify bitcoin as an asset class and for the Securities and Exchange Board of India to regulate cryptocurrencies and bring clarity, closing the doors to another ban.\u201d<\/span><\/p><\/blockquote>\n

However, just a week ago, we reported that the Reserve Bank of India \u201cis <\/span>set to launch its CBDC by December.<\/span><\/a>\u201d And what was that news seasoned with? A ban, of course:<\/span><\/p>\n

\u201cA bill was recently presented, and sets to shake things up for many of big name coins in India. The \u2018Cryptocurrency and Regulation of Official Digital Currency\u2019 bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and that will look to ban all private cryptocurrencies, which includes Bitcoin and Ethereum.\u201d<\/span><\/p><\/blockquote>\n

It was a fair conclusion, considering. In early 2018, the Reserve Bank of India banned the buying and selling of cryptocurrencies by entities under the RBI\u2019s jurisdiction.<\/span><\/p>\n

\"ETHUSD<\/p>\n

BTC price chart on BinanceUS | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
What\u2019s The Indian Parliament\u2019s Current Position?<\/span><\/h2>\n
The headlines from the recent session with the Financial Minister are those two. There\u2019s no proposal to recognize Bitcoin as currency and the government doesn\u2019t collect Bitcoin transaction data. Fortunately for them, the blockchain is an immutable ledger. They don\u2019t have to collect a thing, it\u2019s all there.<\/span><\/p>\n
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#Parliamentwintersession<\/a> | FM In Parliament
No proposal to recognise Bitcoin as a currency<\/p>\n
Here's more#cryptocurrency<\/a> #Bitcoin<\/a> pic.twitter.com\/DYXGTobDQ3<\/a><\/p>\n
— CNBC-TV18 (@CNBCTV18Live) November 29, 2021<\/a><\/p><\/blockquote>\n