NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

India Won’t Recognize BTC As Currency, Nor Does It Collect BTC Transaction Data

Eduardo Próspero
Eduardo Próspero
1 year ago
4 mins read
India, Mumbai and flag

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

India continues its flirtation with Bitcoin and other cryptocurrencies. The Indian Parliament’s winter sessions started, and, as it turns out, BTC won’t be the star of the show. In fact, the lower house of the parliament asked the Finance Minister point blanc if there was a proposal to recognize Bitcoin as currency. The answer was a resounding “no.” 

According to AMB Crypto: 

“While more clarity is set to emerge in this context, some reports have claimed that the Indian administration is planning to make cryptocurrencies available as an asset. Additionally, others suggest cryptos will not be accepted as legal tender.

All of this information came in the form of a note. In that document, the Financial Minister also answered “whether the Government has allowed cryptocurrency exchanges as a legally permitted entity in India”:

“Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML).”

So, as you can read, it’s the same old script the other countries are using. If that’s the case, what’s the cause for all the confusion?

Mixed Signals Coming Out Of India

NewsBTC has been on this case. Just three weeks ago, while discussing the India exchange’s remarkable growth, we said optimistically:

“Discussions around regulations started to arise back then. India’s crypto exchanges and investors participated in off-the-record meetings with law enforcement agencies and banks hoping to reach a point of amicability.

The expectations are for the government to classify bitcoin as an asset class and for the Securities and Exchange Board of India to regulate cryptocurrencies and bring clarity, closing the doors to another ban.”

However, just a week ago, we reported that the Reserve Bank of India “is set to launch its CBDC by December.” And what was that news seasoned with? A ban, of course:

“A bill was recently presented, and sets to shake things up for many of big name coins in India. The ‘Cryptocurrency and Regulation of Official Digital Currency’ bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and that will look to ban all private cryptocurrencies, which includes Bitcoin and Ethereum.”

It was a fair conclusion, considering. In early 2018, the Reserve Bank of India banned the buying and selling of cryptocurrencies by entities under the RBI’s jurisdiction.

ETHUSD price chart for 12/01/2021 - TradingView

BTC price chart on BinanceUS | Source: BTC/USD on TradingView.com

What’s The Indian Parliament’s Current Position?

The headlines from the recent session with the Financial Minister are those two. There’s no proposal to recognize Bitcoin as currency and the government doesn’t collect Bitcoin transaction data. Fortunately for them, the blockchain is an immutable ledger. They don’t have to collect a thing, it’s all there.

#Parliamentwintersession | FM In Parliament
No proposal to recognise Bitcoin as a currency

Here's more#cryptocurrency #Bitcoin pic.twitter.com/DYXGTobDQ3

— CNBC-TV18 (@CNBCTV18Live) November 29, 2021

In any case, AMBcrypto sees it as:

“A crucial piece of information, especially since some bodies associated with the ruling party had called for central regulation of crypto. For instance, Swadeshi Jagaran Manch’s (SJM) Co-convenor Ashwani Mahajan had suggested that crypto-data around mining and transactions be stored only on domestic servers.”

Reporting on the same session, Asian News International saw another angle. “This is a risky area & not in a complete regulatory framework. No decision was taken on banning its advertisements.”

This is a risky area & not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are taken to create awareness through RBI&SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha pic.twitter.com/WwopPdBQHg

— ANI (@ANI) November 30, 2021

In another stage, former Finance Secretary Subhash Garg cleared things up. He created the bill that seemed to aim to ban all cryptocurrencies in India. Cointelegraph reports:

“In an interview with local news channel News 18, Garg clarified:

“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

So, by “private cryptocurrencies” he didn’t mean Bitcoin or Ethereum, which have public blockchains. Got it.

Still, India’s confusion about cryptocurrencies is the main topic here. They don’t seem to know what to do about those pesky coins over there.

Featured Image: Darshak12Pandya on Pixabay | Charts by TradingView
Tweet123Share196ShareSend
Eduardo Próspero
Eduardo Próspero

Eduardo Próspero

Eduardo Prospero is an author, a content writer, and a professional rapper.
A Bitcoin maximalist in disguise.
Working on a Bitcoin book.
Venezuelan.

Read more

He wrote a novel, but it's only available in Spanish. It's called "La Tormenta."

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Pi

Pi Network Price Crashes 88% Since Launch, New Developments Say Further Decline Is Coming

Pi Coin is struggling to register any bullish momentum, and all indicators suggest this might continue into the foreseeable future....

Scott Matherson 3 hours ago
pepenode-1-million-ia-potentiel-crypto-x100

PepeNode à 1 million ? L’IA prédit le x100 de cette nouvelle crypto Pepe

PepeNode a dépassé 1,18 million de dollars levés en prévente et s’apprête à changer de palier de prix. Plusieurs analyses...

evanss 3 hours ago
altcoin sezóna 2025

Altcoin sezóna je oficiálne tu. Ktoré altcoiny sa teraz oplatí kúpiť?

Trh s kryptomenami zažíva obrat. Dominancia Bitcoinu klesla za posledný mesiac o ďalšie 2 %, zatiaľ čo Altcoin Season Index...

Nina Šefčíková 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Solana

Solana Builds Case For Next Leg Up As Moving Averages Underscore Bull Run

Godspower Owie 1 hour ago
Bitcoin Binance

Bitcoin Touches $117,000 As Binance Records 9 Days Of Outflows

Keshav Verma 2 hours ago
xrp-integration-etf-us

XRP intégré au sein d’un ETF US, bientôt les 4,50$ ?

guillaumev 3 hours ago

Premium Sponsors

Press Releases

  • 3 нискокапитализирани алткойна...

    4 hours ago
  • Топ алткойни за купуване, докато цената на Solana се доближава до исторически връх

    Топ алткойни за купуване, докато...

    7 hours ago
  • Najlepšie altcoiny na kúpu, kým cena Solany dosahuje...

    8 hours ago
  • ドージコイン 今後:ETF上場前の蓄積と価格分析が示す「事実売り」の可能性

    ドージコイン...

    8 hours ago
  • リップル 今後の行方:FOMC前に3ドルを維持、クジラが大量売却

    リップル...

    9 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.