The government is aware of various issues related to crypto-currency and will take a considered view of them, Department of Financial Services Secretary Debasish Panda said today. "The crypto-currency which has been debated day in and day out has an underlying technology.
In an interconnected economy interconnected world, we cannot isolate ourselves. We have to bear that in mind that some way or the other is going to get us," Panda said at the virtual Directors' Dialogue Series event organized by the Institute of Directors. H
e said that there are concerns as cryptocurrencies do not have an underlying asset. Reserve Bank of India Governor Shaktikanta Das had said in February that the regulator has certain "major concerns" over rising activity in the cryptocurrency space and that it is simultaneously working on its own variant of a central bank digital currency. "So, there's a dilemma here...the government is very much alive and aware about this whole issue of the cryptocurrency and its growth and its advantages and the disadvantages, everything," he said.
The Financial Services Secretary also pointed out that a lot of countries are contemplating the usage of cryptocurrencies, with some having started regulating them. In India, the government and the RBI do not recognize any such private currency, with the laws specifically allowing only the central bank to issue legal tender.
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