New Delhi: Minister of State for Finance Pankaj Choudhary informed Rajya Sabha on Tuesday that the government has no plans to introduce cryptocurrency. He said in a written reply to a question that at present, cryptocurrencies in India are unregulated i.e. it is not being regulated.
“The Reserve Bank does not issue cryptocurrencies. Traditional paper currency is a legal tender and is issued by the Reserve Bank of India in accordance with the provisions of the Reserve Bank of India Act, 1994. A digital version of traditional paper currency is called a Central Bank Digital Currency (CBDC).
In another reply, he said, “The Reserve Bank, at present, is working towards a phased implementation strategy for the introduction of CBDCs and is examining use cases that can be implemented with little or no disruption. Is.”
He said that with the passage of time there has been a decline in the printing of notes. He said notes worth Rs 4,378 crore were printed during the year 2019-20, which came down to Rs 4,012 crore in 2020-21.
