Principal Economic Adviser Sanjeev Sanyal said on Monday that the government will take a balanced approach to the issue of cryptocurrency legislation because they have ramifications for the country's financial stability.

There are currently no specific restrictions or prohibitions in place in the country regarding the use of cryptocurrency. The subject of cryptocurrencies is not mentioned in the Economic Survey 2021-22, according to Sanyal, who spoke to the media after Finance Minister Nirmala Sitharaman submitted the Survey in Parliament earlier in the day. "As you may be aware, this is a topic of discussion both inside the government, in the Ministry of Finance, and in Parliament. As a result, this is something that is now being debated "he stated "There are certain concerns with financial stability.

However, there are other reasons made in terms of innovation and so on....obviously, a balanced look will be taken on this "he stated In the previous session of Parliament, the government announced its intention to introduce a bill on cryptocurrencies, with the goal of "creating a facilitative framework for the formation of the official digital currency to be issued by the Reserve Bank of India."

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