Government still does not collect data on crypto.
On Monday, the Winter Session of the Parliament began and the very first day saw a discussion over cryptocurrency regulation.
In Lok Sabha, Members of Parliament, Ms. Sumalatha Ambareesh and Mr. D. K. Suresh asked several questions to the Union Minister of Finance, Ms. Nirmala Sitharaman about cryptocurrencies.
It was asked that whether the Government is cognizant of the spread of Bitcoin transactions in the country.
She revealed that the “Government does not collect data on Bitcoin Transaction.”
In July too she was asked a similar question about the number of cryptocurrency exchanges operating in India and their users. Even then she had answered that the Government does not collect information.
When asked if the Government is going to recognize Bitcoin as a currency, she responded that the Government does not have any plan to do so.
It has been reiterated, especially by the Reserve Bank of India (RBI), that cryptocurrency will not be adopted as a legal tender in the country. If regulated, crypto could be classified as an asset class or an altogether different category. But, adopting it as currency is out of bounds.
The cryptocurrency bill is listed for tabling in the ongoing Winter Session of the Parliament. It will be a moment to catch and see how things unfold in the Parliament.
News recommendation: Singapore Crypto Exchange Coinstore Enters India