Anurag Thakur: Govt open to guage, discover cryptocurrencies

Union minister Anurag Thakur on Saturday mentioned the federal government is open to guage and discover new applied sciences, together with cryptocurrencies, for bettering governance.
Prime Minister Narendra Modi himself is a robust advocate of embracing know-how in numerous facets of governance, the Minister of State for Finance mentioned whereas addressing an occasion organised by Entrepreneurs’ Organisation – EO Punjab.
“Let me say that we welcome innovation and new technology…blockchain is a new emerging technology. Cryptocurrency is a form of virtual currency. I firmly believe that we must always evaluate, explore and encourage new ideas with an open mind,” he mentioned.
A High-Level Inter-Ministerial Committee (IMC) was constituted beneath the Chairmanship of Economic Affairs Secretary on digital currencies and it has submitted its report.
The authorities would take a choice on the suggestions of the IMC and the legislative proposal, if any, can be launched in Parliament following the due course of, he mentioned whereas inviting ideas and views on this subject.
Cryptocurrencies are digital or digital currencies by which encryption methods are used to control the era of their items and confirm the switch of funds, working independently of a central financial institution.
Finance Minister Nirmala Sitharaman on Friday mentioned the federal government continues to be formulating its opinion on cryptocurrencies and can take a calibrated place.
Reserve Bank of India Governor Shaktikanta Das had final week mentioned the apex financial institution has sure “major concerns” over the impression cryptocurrencies could have on the monetary stability within the financial system and has conveyed the identical to the federal government.

The RBI had just about banned cryptocurrency buying and selling in 2018 and had directed all entities regulated by the central financial institution to stop dealing in digital currencies. The Supreme Court had additionally requested the Centre in 2019 to border insurance policies for crypto, and in 2020, struck down the curbs imposed by the RBI.
The Reserve Bank had by numerous public notices on December 24, 2013, February 1, 2017 and December 5, 2017, cautioned customers, holders and merchants of digital currencies, together with bitcoins, relating to numerous dangers related in coping with such digital currencies.