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India’s crypto industry continues to face regulatory uncertainty as Parliament prepares to discuss a proposed bill that will regulate the space. However, it looks like Bitcoin owners won’t be able to use their coins to make purchases for some time as BTC won’t likely be recognized as currency any time soon.
There is no proposal from the government to recognize Bitcoin as currency in the country. This was revealed by Finance Minister Nirmala Sitharaman during a question and answer session in Parliament.
Sitharaman was asked whether the government has any proposal to recognize Bitcoin as a currency in India. The Finance Minister said "No, sir," according to the local publication Mint.
The development came as the Indian Parliament started its Winter Session on Monday. The highly anticipated Cryptocurrency and Regulation of Official Digital Currency Bill 2021 will be one of those up for discussion.
Many are increasingly worried amidst mounting speculations that the government might impose an outright ban on private cryptos such as Bitcoin (BTC) and Ether (ETH). “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the bill’s description said.
Despite the rumors, some players in the crypto industry remain unfazed and have even set up shop in the country. For instance, Singapore-based crypto exchange Coinstore just launched its web and app platforms in India and also plans to put up branches in Bangalore, New Delhi, and Mumbai.
The company has allocated $20 million for its expansion. The funds will be used for the recruitment of 100 employees for its Indian operations as well as for marketing and developing crypto products and services for the local market.
