If you invest in the world’s most popular cryptocurrency, Bitcoin, then you may get a big setback. In fact, Finance Minister Nirmala Sitharaman said in her reply in the Lok Sabha on 29 November 2021 that there is no proposal to recognize bitcoin as a currency in India. Also told the House that the Government of India does not collect any data of bitcoin transactions.
In the winter session of Parliament, the government can introduce a bill related to cryptocurrency, which will include banning private cryptocurrencies and a possible digital currency of the Reserve Bank of India (RBI Digital Currency). It has been said to prepare a framework for regulating it. According to the bulletin of the Lok Sabha, the Cryptocurrency and Official Digital Currency Regulation Bill 2021 is listed in the list of bills to be introduced in the lower house during the winter session of Parliament. In this bill to be introduced by the Modi government, it has also been said to create a supporting structure for the potential digital currency of RBI. The proposed bill seeks to ban all types of private cryptocurrencies in India. However, exemptions can also be given in some cases so that technology related to cryptocurrency and its use can be promoted.