India has no plans to recognise Bitcoin as a currency: FM Sitharaman

''No proposal to recognise Bitcoin as a currency'', that's what the Union Finance Minister Nirmala Sitharaman had to say in a response in the Parliament on November 29

She also informed the House that the government does not collect data on Bitcoin transactions.

Also watch | India has no plans to recognise Bitcoin as a currency: FM Sitharaman

This comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. 

The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

It has gained massive popularity across the world with El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender.