What the Finance Minister said today about concerns about crypto ban

Nirmala Sitharaman has said that the Center does not propose to recognize Bitcoin as a currency.

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said the risk of cryptocurrencies falling into the wrong hands is being watched. The minister also confirmed that there is no decision to stop advertising digital currencies.

Ms. Sitharaman also said there has been much discussion about the regulatory possibilities of cryptocurrencies and “let’s wait for the bill.”

“There are other dimensions and the Bill has to be redone and now we’re trying to make a new Bill,” she added.

Sitharaman, on Monday, said that the Center does not propose to recognize Bitcoin as a currency in the country. She also mentioned that the government does not collect data on Bitcoin transactions.

Furthermore, the government said it has received a proposal from the Reserve Bank of India (RBI) to include digital currency in the definition of ‘banknote’.

In October, the RBI released a proposal for a Central Bank Digital Currency (CBDC).

CBDC – digital currency or virtual currency – is essentially a digital version of fiat currency, such as rupees in India.

Meanwhile, the RBI has repeatedly raised concerns about cryptocurrencies posing risks to macroeconomic and economic stability.


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