Finance Minister of India Nirmala Sitharaman has stated in the Lok Sabha on Monday that the govt has no plans to recognize Bitcoin as a currency in the country.

According to Sitharaman, the government does not gather data on Bitcoin transactions. The Centre intends to submit a measure that will outlaw all allowing a few private cryptocurrencies to operate.
<h2>India has no plans to recognize Bitcoin as a currency</h2>
She also assured the House of Representatives that the government does not gather information on Bitcoin transactions. "No, sir," the Finance Minister <a href="https://economictimes.indiatimes.com/tech/tech-bytes/india-has-no-plans-to-recognise-bitcoin-as-currency-nirmala-sitharaman/articleshow/87984476.cms" target="_blank" rel="nofollow noopener">answered</a> when asked whether the government had considered recognizing Bitcoin as a currency in the nation.

Bitcoin is a digital currency that enables users to purchase and sell goods and services without banks, credit card companies, or other third parties. Meanwhile, during the current Winter Session of Parliament, the government intends to propose the<a href="https://www.cryptoknowmics.com/news/indias-crypto-regulation-bill-ahead-is-a-ban-really-happening/"> Cryptocurrency and Regulation of Official Digital Currency Bill 2021</a>. The bill aims to outlaw a few private cryptocurrencies to foster underlying technology while enabling the RBI to create an official digital currency.

She said that a genuine effort was made in February, but now there have been some changes. As of now, no information on tax collected from crypto is readily available. She added that the risk of cryptocurrencies could lead to undesirable activities that are being closely monitored. She also says that in <a href="https://www.cryptoknowmics.com/news/salman-khan-joins-nft-bandwagon-as-bollywood-warms-up-to-the-blockchain-tech/">regards to NFT</a>, at this point there is no separate framework. Further, she added that ASCI regulations are being looked into for crypto ads. 

Sitharaman said that ministries and departments spent Rs 2.29 lakh crore on capital spending during the current fiscal year's April-September period in response to another query. This is 41% of the Budget Estimate (BE) for 2021-22, Rs 5.54 lakh crore. She said that the actual spending in the current fiscal year is around 38% greater than the similar expenditure in FY 2020-21.
<h2>Capital expenditure for upgrading infrastructure</h2>
The Government of India launched the National Infrastructure Pipeline (NIP) with a projected infrastructure investment 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 to accelerate capital expenditure for the creation and up-gradation of infrastructure in the economy.

NIP began with 6,835 projects and has now grown to over 9,000 projects in 34 sub-sectors. According to her, the NIP is anticipated to enhance project planning, attract infrastructure investments, and play a key role in economic development.

The National Monetization Pipeline (NMP) was also launched on August 23, 2021, to unlock the value of public sector assets by tapping private sector capital and efficiencies for delivering infrastructure services, she said, adding that the monetization proceeds will be used to augment existing/create greenfield infrastructure to help the economy grow.

India Has No Plans to Recognize Bitcoin as a Currency Says Nirmala Sitharaman

Finance Minister of India Nirmala Sitharaman stated in the Lok Sabha on Monday that the government has no plans to recognize Bitcoin as a currency.

Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

India Has No Plans to Recognize Bitcoin as a Currency Says Nirmala Sitharaman

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