Indian government tells Parliament that it has no plan to issue cryptocurrency. crypto bitcoin $BTC
The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India . The government also clarified that India’s central bank digital currency , that the RBI will launch this financial year, is “a digital version of traditional paper currency.”The Indian ministry of finance answered some questions Tuesday in Rajya Sabha, India’s upper house of parliament, regarding “RBI Cryptocurrency.
Rajya Sabha member Sanjay Singh asked the finance minister to state “whether it is a fact that [the] government is planning to introduce a cryptocurrency that will be regulated by the Reserve Bank of India .”Singh further asked whether the government is aware that cryptocurrency “is unregulated and free from government intervention.”The Indian government is currently working on cryptocurrency.
Rajya Sabha member Singh proceeded to ask the finance minister about the digital rupee which the RBI is working on and plans to issue in this financial year.Minister Chaudhary replied: RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency .during her Feb. 1 budget speech: “The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.
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