Indian Government does not have any plan to introduce any digital assets called cryptocurrency as said in the Rajya Sabha by Finance Minister Pankjaj Chaudhari during the ongoing session of parliament. The statement shows the unregulated nature of cryptocurrency in India.

Highlights

Paper Currency in India is still legal.
CBDC is the digital version of the traditional paper currency.
Notes printing has been declined over some time.

The government said in the Rajya Sabha that it does not have any plan to introduce a new form of currency called cryptocurrency. The Minister of State for Finance Pankaj Chaudhary stated in the Rajya Sabha on the behalf of the government. He also said in his written reply that Cryptocurrency is still an unregulated currency in India.

His written words are given below-

“RBI does not issue a cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of the Provision of RBI Act, 1994. A digital version of traditional paper currency called the Central Bank Digital Currency (CBDC),” the Minister Said.

He also said about the implementation of the CBDC currency and he told that RBI is working in the phase of the implementation of the new digital currency CBDC and it is looking in every aspect of the transaction with little or no disruptions.

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The digital currency has multiple benefits as told by the minister in the Rajya Sabha that it will ease people to carry and will reduce the dependency on cash, higher seigniorage due to lower transaction costs, etc.

In the Rajya Sabha, Minister also said in a reply that the financial health of the country includes many facets. He stated in his reply as a “stable stock market along with well-functioning and sophisticated market infrastructure is one indicator to assess a country’s financial health. The stock market is indicative of economic growth in the medium to long term as the stock prices reflect the market expectation on future corporate earnings/profitability and hence the underlying confidence in the economy,” said Pankaj Chaudhary.

Earlier Prime Minister also statedabout the concern of trending the Cryptocurrency in the world and also urged to stand united to fight with illegal assets. Nirmala Sitharaman also in her budget Session Speech stated about the newly awaited Digital Rupee of India. Clear information regarding the digitalization of Indian Rupee living in the dark.

Also Read: Cryptocurrency Exchanges is under Probe for Tax Evasion of Rs 70 crore: DGGI