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Updated March 6th, 2021 at 22:25 IST

MoS Finance says high-level committee to look into cryptocurrency, welcomes citizens' view

MoS Anurag Thakur on Saturday affirmed that the government has formed a High-Level Inter Ministerial Committee to look into cryptocurrency.

Reported by: Sudeshna Singh
Anurag Thakur
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Minister for State and Finance Affairs Anurag Thakur on Saturday stated that the government has formed a High-Level Inter Ministerial Committee to look into cryptocurrency. On the basis of the committee's report, the government may present a legislative proposal, he added. This comes amid reports of rising presence of bitcoins and other forms of virtual currencies in India. 

Acknowledging that blockchain is the new emerging technology and cryptocurrency is a form of digital currency, the MoS outlined that there is a need to evaluate, explore and encourage new ideas with an open mind. 

"The government welcomes innovation and new technology and PM Modi is a strong advocate of embracing technology in various aspects," he added while answering a query related to cryptocurrency during an event in Punjab. 

Elaborating on the High-Level Inter-Ministerial Committee, he said that the government would take a decision on the basis of recommendations provided by the committee, and the legislative proposal, if any. He also welcomed the suggestions and views of the citizens regarding the issue. 

READ: 'Rahul Gandhi Lacked Commitment To His Constituency, Chased Out Of North': Anurag Thakur

Finance Minister on Cryptocurrency

Earlier in the day, Finance Minister Nirmala Sitharaman also shared her opinion on Cryptocurrency. She said that the Centre will be holding deliberations with the Reserve Bank of India and the cabinet members, and only then take a decision in this matter. She hinted that the government may not choose to go for a complete ban, which seems like a good news for the cryptocurrency stakeholders in the country.

READ: Nirmala Sitharaman On Bollywood Linked IT Raids: 'Please Look Back, It Happened In 2013'

While pointing out that the government is not well-versed with the new technology, the Finance Minister added, "A lot of mixed messages are coming from the world. The world is moving fast with technology, and we cannot pretend that we do not want it. 

READ: Elon Musk Says Dogecoin 'literally' Going On The Moon, The Cryptocurrency Jumps 25%

Legislation on Crypotocurrency 

The Crypotocurrency and Regulation of Official Digital Currency Bill, 2021 is slated for introduction, consideration and passing. The bill intends to create a facilitative framework for an official digital currency issued by the RBI, and to prohibit all private cryptocurrencies in India. 

In 2018, India's central bank had barred banks and other financial institutions from facilitating transactions involving cryptocurrencies. 

ALSO, READ: Elon Musk's Tesla Buys Bitcoin Worth $1.5 Billion, Know All About The Cryptocurrency

(Inputs from ANI)

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Published March 6th, 2021 at 22:25 IST

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