Finance Minister Nirmala Sitharaman replied to Lok Sabha’s question on Monday that the government has no plans to recognize Bitcoin as the national currency. She also told the Lok Sabha that the government doesn’t track Bitcoin transactions. “No, sir,” the finance minister said when asked if the administration had considered recognising Bitcoin as a currency in the country.
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Thirumaavalavan Thol, a member of Parliament, questioned the Ministry of Finance if the government is aware of the cryptocurrencies that are traded in India and if cryptocurrency trading is allowed in India.
He also inquired as to whether the Indian government had recognised bitcoin exchanges as a legal business. “Government does not gather information on cryptocurrency trade,” said Pankaj Chaudhary, Minister of State (MoS) in the Ministry of Finance. In India, cryptocurrencies are unregulated.
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It’s worth noting that Bitcoin was created by an anonymous group of programmers in 2008. Users can spend money anonymously since the digital currency is not linked to a bank or government. The currencies are “mined” by users who contribute processing power to verify the transactions of other users. They are compensated with Bitcoins.
