No plans to 'promote' cryptocurrencies: Finance Ministry

New Delhi: The finance ministry told Parliament on Monday that the government has no plans to develop the cryptocurrency sector in the country, but that a central bank digital currency will be launched (CBDC).

Separately, finance minister Nirmala Sitharaman told the Lok Sabha that 61 firms collected Rs 52,759 crore through initial public offers (IPOs) from January to October this fiscal, which is 70 percent more than the total amount raised in FY21.

Cryptocurrencies are currently unregulated, and the government collects no information about them. In the current winter session of Parliament, however, the Centre intends to introduce a Bill on Cryptocurrency and Regulation of Official Digital Currency, he noted.

According to Sitharaman, 34 of the 61 companies that went public this fiscal year through October were small and medium enterprises. Finance Minster said,  56 firms raised Rs 31,060 crore through IPOs in FY21, with 27 of them being SMEs, according to Sebi data. This fiscal, 35 corporations issued bonds worth less than Rs 100 crore each, while four issued bonds worth between Rs 100 crore and Rs 500 crore. According to the minister, there were 22 IPOs of Rs 500 crore or more.

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