No RBI-regulated cryptocurrency plans are unregulated, the government says

There are no RBI-regulated cryptocurrency plans, they are unregulated, the government says

The government has no plans to introduce a cryptocurrency that will be regulated by the Reserve Bank of India, said Pankaj Chaudhary, the finance minister.

“Currently, cryptocurrencies are not regulated in India,” Chaudhary said in a written response to a question in Rajya Sabha.

“The RBI does not issue cryptocurrency. Traditional paper currency is legal tender money issued by the RBI in accordance with the provisions of the 1994 RBI Act. The digital version of the traditional paper currency is called the Central Bank Digital Currency (CBDC),” he said. he added in response to a consultation with MP Sanjay Singh.

Meanwhile, a cryptocurrency bill is currently pending.

The Cryptocurrency and Regulation of Official Digital Currency Bill aims to ban all private currencies in its current form as a method of payment in India, with the exception of promoting a few underlying technologies, although it allows the RBI to establish official digital currency.

But the government has previously said it wants to promote key technologies such as blockchain, which is why there has been a delay with the bill.

Industry experts believe that bill reforms could lead to more cutting-edge blockchain technology in India with broader consultations.

The bill has been in operation for more than a year. The legislation was listed for the winter session, which ended on December 23, 2021, but was not submitted. Cryptocurrency legislation was also listed in the budget and monsoon sessions earlier in 2021.

Finance Minister Nirmala Sitharaman said the details of the bill would be made public when approved by the union cabinet.

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