The Chancellor of the Exchequer Anurag Singh Thakur (Anurag Singh Thakur) responded to a question raised in Rajya Sabha on Tuesday, saying that the government will explore the use of blockchain technology for digital economic. A few days after the Reserve Bank of India (RBI) mentioned plans to launch a digital version of the Indian rupee, the Ministry of Finance made the above comments. The Central Bank stated that it is exploring the possibility of whether it needs a digital version of fiat currency and how to operate it in the future.

Thakur also reiterated that the government’s current position on Bitcoin and other crypto-based payment systems is illegal: “In the 2018-19 budget speech, it was announced that the government does not consider cryptocurrencies to be legal currencies or coins and will take everything Measures to eliminate the use of these crypto assets for illegal activities or as part of the payment system.” He is responding to MP Sanjay Raut on whether the government is considering the possibility of introducing India’s own cryptocurrency.

In April 2018, the Reserve Bank of India effectively banned cryptocurrency transactions in the country through banks and e-wallets. It was initially supported by the Supreme Court, but the Supreme Court later lifted the ban in March last year.

Earlier this week, the government listed a bill entitled “Encrypted Currency and Official Digital Currency Regulations 2021”, which aims to provide a framework for the creation of an official digital currency issued by the Reserve Bank of India and prohibit all existing “private “currency. Cryptocurrency. However, experts believe that any changes in the country will take some time.

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This is the full text of the Q&A between MoS Finance Anurag Thakur and Rajya Sabha’s MP Sanjay Raut.

Sanjay Raut:

Is the Minister of Finance willing to declare:

(A) Does the government know that many commercial companies have used cryptocurrency for international transactions in the past year:

(B) If yes, relevant details and government response:

(C) Whether the government is considering the possibility of introducing India’s own cryptocurrency; and

(D) If yes, what are the details; if not, what are the reasons?

Reply

Minister of State of the Ministry of Finance

Shri Anurag Singh Thakur

(A): No, sir.

(B): In view of the answer to part (a) above, there is no problem.

(C) and (d): No, Mr. Chairman. In the 2018-19 budget speech, it was announced that the government does not treat cryptocurrencies as legal tender or coins and will take all measures to eliminate the use of these crypto assets for illegal activities or as part of the payment system. The government will actively explore the use of blockchain technology to welcome the digital economy.


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