Govt. open to evaluate, explore crypto-currencies, says Thakur

Govt. open to evaluate, explore crypto-currencies, says Thakur

High-level inter-ministerial committee on digital currencies submits report

Union Minister Anurag Thakur on Saturday said the government is open to evaluate and explore new technologies, including cryptocurrencies, for inproving governance.

Prime Minister Narendra Modi himself is a strong advocate of embracing technology in various aspects of governance, the Minister of State for Finance said while addressing an event organisation — EO Punjab.

‘’Let me say that we welcome innovation and new technology… blockchain is a new emerging technology,’’ Mr. Thakur said. ‘’cryptocurrency is a form of virtual currency.

Heads or tails: The RBI virtually banned cryptocurrency trading in

2018, while the SC struck down the curbs.

I firmly believe that we must always evaluate, explore and encourage new ideas with an open mind,’’ he added. A high level inter ministerial committe (IMC) was constituted under teh chairmanship of the economic affairs secretary on digital currencies and it has submitted its report.

The government would take a decision on the re-commendations of the IMC and the legislative proposal, if any, would be introduced in Parliament following the due process, he said, inviting suggestions on the issue.

Finance Minister Nirmala Sitharaman on Friday said the government is still for mulating its opinion of crypto-currencies and will take a calibrated position.

Reserve Bank of India Governor Shaktikanta Das had lawst week said the apex bank had certain ‘’major concerns’’ over the impact cryptocurrencies may have on the financial stability in the economy and had conveyed the same to the government.

The RBI had virtually banned cryptocurrency trading in 2018. The Supreme Court had asked the Centre in 2019 to frame policies for crypto, and in 2020, struck down the curbs imposed by the RBI.