Parliament’s winter session is likely to see the introduction of the Cryptocurrency and Regulation of Official Digital Currency Bill 2021.
Nirmala Sitharaman, India’s Finance Minister, informed the Lok Sabha on Monday that the government has no plans to recognize Bitcoin as money.
There is no official data collection on Bitcoin transactions, she said. At 1:30 IST on November 30, the price of one bitcoin in India was Rs. 43.79 lakh. The finance minister answered, “No, sir” when asked whether the administration had any plans to recognize Bitcoin as a currency in the nation.
There are a lot of questions around the taxation of cryptocurrency income. The Finance Ministry Is Supposedly Going to Look into
People may purchase products and services with Bitcoin and exchange money without the involvement of banks, credit card companies, or any other third parties. As a cryptocurrency and electronic payment system, it was developed by an anonymous group of programmers in 2008.
To date, it is said to be the first decentralized digital currency where transactions are carried out directly between two parties, with no third party involved. Over Glitch Issues, the Finance Minister summoned the CEO of Infosys. The firm claims site is again up and running. Parliament’s winter session started Monday, and the administration aims to present the Cryptocurrency and Regulation of Official Digital Currency Bill 2021.
To encourage the underlying technology, the bill offers limited exceptions to the prohibition on private cryptocurrencies while still enabling RBI to issue its own official digital currency.
India’s Finance Minister, Pankaj Chaudhary, stated the government received an amendment proposal from the Reserve Bank of India in October 2021 that would broaden the definition of “banknote” and include digital money. In response to a query from Adoor Prakash, the RBI has been evaluating use cases and developing a phased implementation plan for the launch of Central Bank Digital Currency (CBDC) with little or no interruption, he said.
According to Sitharaman’s response to another query, the government has spent Rs 2.29 lakh crore on capital expenditure between April and September of this fiscal year.
There are 5.54 lakh crore in the 2021-22 Budget Estimate (BE). She added that the current fiscal year’s expenditures are around 38% greater than the similar expenditures in FY 2020-21.
The government launched the National Infrastructure Pipeline (NIP) with a projected investment in the infrastructure of Rs 111 lakh crore between 2020 and 2025 to provide world-class infrastructure across the country and improve the quality of life for all citizens. The NIP aims to accelerate capital expenditure for infrastructure creation and upgrade in the economy.
By using private sector capital and efficiency, the National Monetization Pipeline (NMP) was established on August 23, 2021, to unleash the value of investments made by the government, she added