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Government of India, Finance Ministry reply on Crypto in Parliament

Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs replied to the questions asked by Member of Parliament, Rajya Sabha on India's own cryptocurrency

On 2nd February 2021, Anurag Singh Thakur, who is a member of the Lower House of Parliament in India from Hamirpur in Himachal Pradesh, and also serves as a Minister of State for Finance and Corporate Affairs replied to the unstarred questions asked by the Member of Parliament Rajya Sabha Sanjay Raut on the introductions of India's own cryptocurrency. Mr. Raut asked the following questions: (a) whether Government is aware that many business companies are using cryptocurrency for international transactions during the last one year: (b) if so, the details thereof and Government’s response thereto: (c) whether Government is considering the possibility of introducing India’s own cryptocurrency; and (d) if so, the details thereof and, if not, the reasons therefor? Mr.Thakur from the finance ministry replied:

(a): No, Sir. (b): In view of reply to part (a) above, the question does not arise. (c) and (d): 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 block chain technology proactively for ushering in digital economy.

To understand more in Hindi, you may refer to our video:


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