Government is ready to explore new technology including cryptocurrency to improve governance
Union Minister of State for Finance Anurag Thakur says that the government is ready to take every step to improve governance. This involves considering all new technology, including cryptocurrency. The Union Minister said this while speaking at an event of the Entrepreneurs Organization of Punjab on Saturday.
PM Modi favors adopting technology
Anurag Thakur said that Prime Minister Narendra Modi himself is a strong advocate of adopting technology in various aspects of governance. He said that we welcome innovation and new technology. Blockchain is a new emerging technology. Cryptocurrency is a form of virtual currency. Anurag said that we should evaluate and encourage new ideas with an open mind.
Government will decide on digital currency soon
The Union Minister said that a high-level inter-ministerial committee was formed under the chairmanship of the Secretary of Economic Affairs regarding digital currency. This committee has submitted its report. He said that the government will decide soon on the recommendations of this committee. If a legislative proposal comes in this regard, it will be tabled in the Parliament. The entire process will be adopted for this. Suggestions and feedback from people will also be called.
Government is considering bringing its digital currency
The central government is considering bringing in its digital currency by banning cryptocurrencies like bitcoin and ether. For this, the budget session was set to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill-2021. But this bill has not been introduced yet. It was said in the Lok Sabha Bulletin that the Reserve Bank of India (RBI) will prepare the framework for the country’s official digital currency.
There is no law on cryptocurrency in India
The prevalence of cryptocurrency in the country has increased rapidly, but there is no law or guidelines in this country. In 2018 RBI issued a circular regarding cryptocurrency. In this, the RBI prohibited all financial institutions from providing cryptocurrency-related services.
The Supreme Court approved the cryptocurrency
The matter reached the Supreme Court after a stay by the RBI. It was approved by the Supreme Court last year, rejecting the ban imposed by the RBI. Cryptocurrency is being traded in India after the Supreme Court’s decision. Experts say that investors invest in cryptocurrency at their own risk.
What is cryptocurrency?
Cryptocurrency is a type of virtual currency. Like other currencies like dollar or rupee, cryptocurrency can also be transacted. Its use in India is increasing rapidly. PayPal has approved transactions through bitcoin on its platform.
