- The government is also not getting data on bitcoin transactions
Finance Minister Nirmala Sitharaman said on Monday that there was currently no proposal to recognize Bitcoin as a currency. In response to a question in the Lok Sabha on Monday, he also said that the government was not getting any data on Bitcoin transactions.
Bitcoin is a digital currency that allows people to purchase and exchange services and goods without the involvement of a bank, credit card issuer or any other third party. In 2008 a covert group of programmers launched Bitcoin as an electronic payment system along with cryptocurrency.
The central government will introduce a bill related to cryptocurrency in the winter session of Parliament. The bill seeks to ban all types of cryptocurrencies except some private cryptocurrencies. The RBI has also been allowed to launch an official digital currency.
Bombay High Court seeks information on crypto bill The
Bombay High Court has asked the central government to provide information on the cryptocurrency bill by January 17. The High Court passed the order while hearing a public interest litigation. The court said it could not order the government to bring in legislation. The petitioner sought an order directing the government to enact a law on the use and transaction of cryptocurrency in the country.