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Thursday, September 28, 2023

India: No Plans to recognise Bitcoin as currency says FM Sitharaman

The government has no proposal to recognize Bitcoin as a currency in the country, Finance Minister Nirmala Sitharaman said in response to Lok Sabha on Monday. She also informed the House that the government is not collecting information about Bitcoin transactions.

Regardless of whether the government has a proposal to recognize Bitcoin as a currency in the country, the Finance Minister said “No, sir”.

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or third parties.

Launched in 2008 by an anonymous group of editors like cryptocurrency and electronic payment.
system. It is reported to be the first digital currency to be distributed to countries where peer-to-peer transactions occur.
At that time, the government plans to introduce Cryptocurrency and Regulation of O’icial Digital Currency Bill 2021.
In the ongoing Winter Session of Parliament. The bill aims to prevent all private funds except a few from being promoted
basic technology while allowing legitimate digital currency via RBI.
Responding to another question, Sitharaman said, ministers and departments had spent Rs 2.29 lakh crore as the capital.
expenditure during the April-September period of the current measurement.


This is 41% of the Budget Estimate (BE) of Rs 5.54 lakh crore for the year 2021-22. Real cost at the present time
The scal is 38 percent higher than the associated costs of FY 2020-21, he said.
Accelerate spending on the creation and development of infrastructure in the economy, Government of India
launched the National Infrastructure Pipeline (NIP) with an estimated infrastructure investment of Rs 111 lakh crore.
During the period 2020-2025 to provide world-class infrastructure, and to improve the quality of life of the NIP was presented by 6,835 projects, which expanded to more than 9,000 projects covering 34 sub-sectors. NIP i
which is expected to improve project reform, attract investment in infrastructure, and play an important role in the economy
growth, he said.

The National Monetization Pipeline (NMP) was also launched on August 23, 2021 to open up the value of public investment.
Sector assets in terms of private sector finance and infrastructure delivery services, he said, adding,
monetary investment is considered to be cultivated to develop existing infrastructure / to build green infrastructure for development economy.
Later, she said, Gati Shakti (National Master Plan for Infrastructure Development) was launched on October 13,
2021 as a digital platform for integrating services / departments for planning and co-ordination
implementation of infrastructure linking projects. It will also make it easier to connect end-to-end infrastructure
and reduce human travel time, he added.

At the time, the Minister of Finance said that the value chain has been monitored by government regularly and corrective action is taken from time to time.
“Economic growth has been largely driven by external factors such as rising crude oil prices around the world and
edible fats have an impact on households due to India’s dependence on these substances, “he said.
WPI growth is also largely driven by ‘oil and energy’ and the construction of manufactured goods, too. driven by rising global crude oil prices and rising global commodity prices, he said.
A few supply measures have been taken by the government to curb entry pressure, she said.
Looking at petrol and diesel prices, Sitharaman said, the central government has reduced Central Excise Duty on Petrol.
Diesel for Rs 5 and Rs 10 respectively and ect from 4 November 2021.
“In response to many provinces governments have reduced the Value Added Tax on petrol and diesel. As a result, retail.
petrol and diesel prices have dropped, ”he said.
As an additional price control measure, India has agreed to release 5 million crude oil barrels in its Strategic Plan.
Petroleum Reserves, he said, added, this release will happen in parallel with the consultation with the rest of the world.
power users to unite the USA, the People’s Republic of China, Japan and the Republic of Korea.


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