On India’s own Cryptocurrency question, here’s what Modi government has decided

Cryptocurrency in India: There is no plan to introduce India’s own cryptocurrency, the Central government has informed the Rajya Sabha. Replying to a question posed by MP Sanjay Raut in the Upper House, the government denied having any plan for introducing India’s own cryptocurrency.

Union Minister of State for Finance, Anurag Thakur, reiterated the government position on cryptocurrency announced in Budget speech 2018-19. The government had then said it did not consider cryptocurrencies as legal tender or coin.

“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,” Thakur said.

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The minister, however, said that the Government will explore the use of blockchain technology. “The government will explore use of the blockchain technology proactively for ushering in digital economy,” said Thakur.

The government also denied being aware of companies using cryptocurrency for international transactions in the last one year. This reply came in response to Raut’s question: “whether Government is aware that many business companies are using cryptocurrency for international transactions during the last one year.”