On India’s own cryptocurrency issue, this is what Modi’s government has decided

Cryptocurrency in India: There is no plan to introduce India’s own cryptocurrency, the central government informed Rajya Sabha. In response to a question posed by MP Sanjay Raut in the Upper House, the government denied having any plans to introduce India’s own cryptocurrency.

The Union Minister of State for Finance Anurag Thakur reiterated the government’s position on cryptocurrency announced in the 2018-19 budget speech. The government had said at the time that it did not consider cryptocurrencies as legal tender or currency.

“It was announced in the 2018-19 Budget Speech that the Government does not consider cryptocurrencies as legal tender or currencies and will take all measures to eliminate the use of these cryptoactives in the financing of illegitimate activities or as part of the system of payment. Thakur said.

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However, the minister said that the government will explore the use of blockchain technology. “The government will explore the use of blockchain technology proactively to usher in the digital economy,” Thakur said.

The government also denied having knowledge of companies using cryptocurrencies for international transactions in the past year. This response was in response to Raut’s question: “if the government is aware that many commercial companies are using cryptocurrencies for international transactions during the last year.”