The Indian government has clarified its position on cryptocurrency and the country’s digital currency in answers provided by the Ministry of Finance in Rajya Sabha, the upper house of India’s parliament. The Indian crypto industry sees this clarification as positive news and that the government is unlikely to impose an outright ban on cryptocurrencies, including bitcoin.
Indian Government Answers Questions About Cryptocurrency and Digital Rupee
Rajya Sabha, the upper house of India’s parliament, published a list of questions and written answers on Feb. 2 that include the topic entitled the “Introduction of India’s own cryptocurrency.”
Member of Parliament Sri Sanjay Raut asked the finance minister whether the Indian government is aware that many business companies are using cryptocurrency for international transactions during the last year and whether the government is considering the possibility of introducing India’s own cryptocurrency.
The questions were answered by Minister of State for Finance Anurag Singh Thakur. He replied “No, Sir” to the first question.
To the question about the digital rupee, he replied: “No, Sir. It was announced in the Budget Speech of year 2018-19 that the government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of the blockchain technology proactively for ushering in digital economy.”
The questions and answers published by Rajya Sabha followed the listing of the cryptocurrency bill to be introduced in the Budget session in Lok Sabha, the lower house of India’s parliament.
According to Lok Sabha’s booklet, the crypto bill seeks to create a regulatory framework for the issuance of the digital…