Blockchain policy has nothing to do with virtual digital assets: Finance Secretary

The government's position on blockchain has nothing to do with its policy on crypto or virtual digital assets (VDAs), said the Finance Ministry Secretary TV Somanathan,   He went on to say that there should be no reservations about using blockchain in areas other than payments and currencies.

"The government's policy on blockchain has nothing to do with the government's policy on crypto assets or virtual digital assets." "There should be no qualms about using blockchain in a field that has nothing to do with payments or money," Somanathan stated at an event.

Somanathan said during a post-Budget interaction that the Indian government had nothing against blockchain technology, which is a critical technology. He explained that the Reserve Bank of India's (RBI) digital currency, known as CBDC or central bank digital currency, will be built on a blockchain-based platform.

The Coffee Board of India has also established a blockchain-based system to identify certain varieties of coffee from specific fields so that growers can obtain a greater price if evidence of origin is given, according to the Finance Ministry Secretary.

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