Prime Minister of India Shri Narendra Modi has said that emerging technologies like cryptocurrency should be used to empower democracy and not to weaken it, many policymakers in India say that cryptocurrency being a digital currency It may have irregular transactions due to which the economic and financial stability of the country may suffer.
Ban on cryptocurrency
According to sources, initially, the Modi government was planning to ban cryptocurrency, but at the present time, the Modi government is planning to bring a separate law to regulate the use of cryptocurrency.
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PM’s plan towards cryptocurrency
In a virtual summit being organized by US President Joe Biden, Prime Minister Modi said that we should jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they can be used to empower democracy. To be known, not to weaken, this is the plan of our Prime Minister of India, which is being made for cryptocurrency.
India’s total investors within the cryptocurrency
According to a figure, there are about 10 to 200 million investors in India, who invest in cryptocurrency, this industry is estimated that their total crypto holdings can be up to Rs 40,000 crores, but the Indian government has not been able to provide any official data.
Former Reserve Bank of India (RBI) Governor Subbarao on cryptocurrencies
Recently sometime back former Reserve Bank of India (RBI) governor Duvvuri Subbarao expressed his concern about cryptocurrencies. Subbarao said that cryptocurrencies if legalized, could take away the RBI’s control over the money supply and inflation management in the country.
Last month, the preparation of the central government was also revealed, in which it is planning to ban the operation of all private cryptocurrencies in the country. A bill related to this has been listed for discussion in the winter session of Parliament.
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Statement by Finance Minister Nirmala Sitharaman on Cryptocurrencies
On the first day of the winter session, in response to many questions related to cryptocurrency, Finance Minister Nirmala Sitharaman has told that the government has no such proposal, in which it is talk of giving currency status to bitcoin in the country. The government was also asked whether crypto trading is legal in the country and whether cryptocurrency exchanges have got legal permission.
It was denied by the Finance Minister while giving a written reply in the House. It was answered that it is not so. The government was also asked whether it collects data on bitcoin transactions happening in the country. To this, the Finance Minister replied in the negative and said that the government does not collect any data of bitcoin transactions.