new Delhi . Parliament was told on Tuesday that the government has no plans to introduce cryptocurrency.
Minister of State for Finance Pankaj Choudhary told Rajya Sabha in a written reply that there is no plan to introduce cryptocurrency and at present it is unregulated in India.
The Minister said, “The Reserve Bank of India (RBI) does not issue cryptocurrencies. Traditional paper currency is legal tender and is issued by the RBI in accordance with the provisions of the RBI Act, 1994. A digital version of the traditional paper currency is issued by the Central Bank. digital currency (CBDC).”
Responding to another question, the Minister informed the Upper House that the RBI is currently working towards a phased implementation strategy for the introduction of CBDCs and is examining use cases, which may be implemented with little or no support. interrupt can be applied.
He added that CBDCs have the potential to offer significant benefits initially such as less dependence on cash, higher placement due to lower transaction costs (profits to the government on issuance of cash) etc.
The Minister further informed the House that with time there has been a decline in the printing of notes. “Notes worth Rs 4,378 crore were printed during 2019-20, while Rs 4,012 crore notes were printed in 2020-21. While Rs 7,965 crore notes were printed in 2016-17,” he said.
—AnyTV News
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