The Indian government does not plan to recognize bitcoin as a currency, Finance Minister Nirmala Sitharaman said on Monday.
- During a question and answer session in the parliament, Sitharaman also said the government does not collect data on bitcoin transactions, according to a report from local news site Mint.
- The RBI has already proposed an amendment a 1934 act to include digital currencies in the definition of bank notes, according to ET.
- The Indian parliament will discuss a highly anticipated bill for cryptocurrencies proposed by the government during its winter session, which started on Monday.
- The bill will ban all private cryptocurrencies, only allowing some to promote the underlying technology, but will also look to set up a framework for a RBI-backed digital currency, according to a Nov. 23 parliament bulletin.
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