The Union Finance Ministry has suggested that it may decide to ban private cryptocurrencies and issue a state coin in the wake of a worldwide cryptocurrency boom. Deputy Director (Currency) Sanju Yadav wrote to VHP leader Girish Bharadwaj on November 10th, saying that while all private cryptocurrencies are still not regarded legal tender or coins in India, the government may develop an official digital currency.
As per Deputy Director Yadav's letter, it issaid that: - the Interministerial Committee (IMC) established under the chairmanship of the Secretary of State for Economic Affairs to study the issues surrounding virtual currencies (VCs) and propose specifications to be taken in this matter recommended that all private cryptocurrencies be prohibited in India, with the exception of any cryptocurrency issued by the government. Furthermore, the committee believes that it is best to keep an open mind when it comes to the creation of an official digital currency in India.
"The government would decide on the IMC's suggestion, and any legislative proposals, if any, would be tabled in parliament as a result of the process," "According to the letter from the Deputy Director (Currency).
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