India Won’t Recognize BTC As Currency, Nor Does It Collect BTC Transaction Data

India continues its flirtation with Bitcoin and other cryptocurrencies. The Indian Parliament’s winter sessions started, and, as it turns out, BTC won’t be the star of the show. In fact, the lower house of the parliament asked the Finance Minister point blanc if there was a proposal to recognize Bitcoin as currency. The answer was a resounding “no.” According to AMB Crypto: “While more clarity is set to emerge in this context, some reports have claimed that the Indian administration is planning to make cryptocurrencies available as an asset. Additionally, others suggest cryptos will not be accepted as legal tender. Additionally, the minister also told the Parliament that the “government does not collect data on Bitcoin transactions.” All of this information came in the form of a note. In that document, the Financial Minister also answered “whether the Government has allowed cryptocurrency exchanges as a legally permitted entity in India”: “Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML).” So, as you can read, it’s the same old script the other countries are using. If this is the case, what caused all the confusion? Mixed Signals Coming Out Of India NewsBTC has been on this case. Just three weeks ...