The Indian parliament’s winter session started today, and cryptocurrencies were included in the agenda. The crypto-bill is one of the 26 draft legislations tabled. The finance minister of the country maintained that no proposal acknowledges Bitcoin as a currency.

Some reports claimed that the Indian government has plans to make crypto available as an asset. Others suggested that cryptocurrencies will not be recognized as legal tender. The finance minister also mentioned that the Indian government doesn’t gather data on transactions associated with Bitcoin.

This is an important detail since some entities had called for the central regulation of cryptocurrencies. For example, Swadeshi Jagaran Manch’s (SJM) Co-convenor, Ashwani Mahajan proposed that crypto-data associated with transactions and mining be stored on domestic servers only.

In a written note, the Finance minister revealed that:

“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), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.”

In this note, it is evident that the opposition accused the Indian PM and the ruling party of a Bitcoin Scam “coverup.”

In response to this, the government maintained that legal actions as regards provisions of law against any offender have been taken by Law Enforcement Agencies. The government believes that “further disclosure of information in the matter is not in larger public interest.”

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