Government clarifies that there is no plan to introduce cryptocurrency

New Delhi: Minister of State for Finance Pankaj Chaudhary on Tuesday, told the Rajya Sabha that the government had no plans to adopt cryptocurrencies. In a written response, he stated that cryptocurrencies are currently uncontrolled in India. "The Reserve Bank of India does not issue cryptocurrencies. Traditional paper currency is legal tender, and RBI issues it in accordance with the RBI Act of 1994.

Central Bank Digital Cash (CBDC) is a digital version of traditional paper currency "he stated In a separate response, he stated that the RBI is now working on a phased implementation approach for CBDC and is exploring use cases that might be deployed with little or no interruption. CBDC's introduction has the potential to deliver major benefits, such as reduced reliance on cash, more seigniorage due to lower transaction costs, and so on, he said.

He added that the printing of notes has decreased over time, with notes worth Rs 4,378 crore printed in 2019-20 and Rs 4,012 crore printed in 2020-21. In response to another question, he stated that the country's financial health has numerous components. However, he claims that in the near run, economic and geopolitical developments drive the stock markets.

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